Successfully Completing the "First Mile" of Innovation Requires a Specialized Mix of Abilities, and Not Everyone Has Them, Says Innovation Expert Scott D. Anthony
NEW YORK, NY--(Marketwired - Mar 18, 2014) - True innovators leverage great ideas to create both market impact and a profitable business. The right driver can speed an innovation effort through its perilous first mile, from drawing board to the first dollar of profit -- while the wrong driver can cause a wreck.
"Every company needs an organic innovation strategy to drive growth and keep up with changing markets," says Scott D. Anthony, Managing Partner of the strategy and innovation consulting firm Innosight. "But the core skills and systems employed by most business leaders are optimized around supporting today's business model -- not developing tomorrow's. A knack for experimentation and tolerance for failure are among the essential skills leaders need in innovation's first mile. And not every executive has those skills."
Anthony runs down a list of key traits in his new book, The First Mile: A Launch Manual for Getting Great Ideas into the Market (Harvard Business Review Press, May 2014).
Empathy and experience are two "must-haves" for drivers of innovation:
What other characteristics improve the chance of steering innovation through its first mile?
"Because the world is changing so fast, over-reliance on securing today's success can easily light the fuse of tomorrow's strategic failure," says Anthony. "Many of today's corporate leaders didn't grow up in this kind of environment, and they didn't develop the coping skills to handle this pace of change. But executives with right traits and skills won't get tunnel vision, and they won't get stuck. So organizations need to make sure they have the right mix of leaders -- those who can best bring innovations to market and those who grow and optimize today's business."
Where should organizations and innovators look for talented first-mile operators?
"Recognize too that critical first-mile skills and abilities can improve with conscious practice," says Anthony. "Companies that want to cultivate innovation talent need to build specific capabilities around learning, giving people a chance to work on a number of different projects."
To arrange a conversation with Scott D. Anthony of Innosight, and/or receive a copy of The First Mile: A Launch Manual for Getting Great Ideas into the Market, contact Katarina Wenk-Bodenmiller of Sommerfield Communications at 212-255-8386 or katarina@ sommerfield.com.
ABOUT SCOTT D. ANTHONY
Scott D. Anthony is the Managing Partner of Innosight. Based in the firm's Singapore office, he leads its expansion into the Asia-Pacific region as well as its venture capital activities (Innosight Ventures). He has worked with clients ranging from national governments to companies in industries as diverse as healthcare, telecommunications, consumer products and software. He is the author of The Little Black Book of Innovation (Harvard Business Review Press, January 2012) and The Silver Lining (Harvard Business Review Press, 2009). He is the co-author of Seeing What's Next (Harvard Business Review Press, 2004) and The Innovator's Guide to Growth (Harvard Business Review Press, 2008).
About Innosight
Innosight is a strategy and innovation consulting firm that helps organizations navigate disruptive change and manage strategic transformation. We work with enterprise leaders to identify new growth opportunities, accelerate innovation initiatives, and build capabilities. Innosight is based in Lexington, MA, with offices in Singapore and Lausanne, Switzerland.
www.innosight.com.
Contact Information:
Contact:
Katarina Wenk-Bodenmiller
Sommerfield Communications, Inc.
(212) 255-8386
Katarina@sommerfield.com