Category: #commerceinnovation

Create a business culture favorable to innovation

Posted on by Mariona Luis Tomás

In today’s dynamic business environment, an organization’s ability to innovate doesn’t just depend on having good ideas or investing in technology; it’s also crucial to have a culture that fosters creativity, calculated risk-taking, and collaboration. Creating an innovation-friendly culture is an ongoing process that requires commitment, vision, and the implementation of effective strategies. Below, we explore the essential steps to build and maintain a culture that drives innovation within the organization.

1. Leadership commitment

Leadership is the pillar upon which an innovative culture is built. Leaders must not only support innovation in words but also demonstrate their commitment through concrete actions. This includes actively participating in innovation initiatives, allocating necessary resources, removing obstacles, and fostering an environment where calculated risk is seen as an opportunity for learning and growth, where mistakes are not penalized. When leadership is involved and leads by example, it sets a tone that permeates the entire organization.

2. Define a clear vision and objectives

In nearly every post on this blog, the importance of having and communicating a vision is emphasized. A compelling vision for innovation, along with clear and well-communicated objectives, provides the organization with direction and purpose. This not only aligns innovation efforts with the company’s strategic goals but also motivates employees to contribute their ideas, actively participate in the innovation process, and make day-to-day decisions in line with the organization’s priorities. It is essential that everyone in the organization understands the importance of innovation and how their individual roles contribute to this common goal.

3. Encourage risk-taking

Risk is inherently part of the innovation process. However, for employees to feel comfortable taking risks, it is essential that the organization sets clear expectations and provides a “safety net” that allows for experimentation without fear of failure. Celebrating failures as learning opportunities and promoting experimentation are practices that can transform the fear of risk into a mindset of growth and creativity.

4. Promote collaboration at all levels

Innovation doesn’t happen in a vacuum; it is the result of effective collaboration between different teams and disciplines. Creating cross-functional teams, establishing collaborative spaces, and clearly defining roles and responsibilities are some of the strategies to foster collaboration. Additionally, it’s important to implement tools and spaces for collaboration that facilitate communication and joint work, as well as to promote diversity and inclusion, which enriches perspectives and strengthens the organization’s capacity to innovate.

5. Invest in learning and development

Innovation thrives on knowledge, attitude, and skill. Therefore, investing in the continuous professional development of employees not only improves their performance but also strengthens the organization’s ability to adapt and lead in a constantly changing environment. Offering personalized training, continuous learning opportunities, and leadership development are some of the ways organizations can prepare for future challenges and maintain their competitive edge.

6. Recognize and reward innovation

Recognition and rewards are powerful motivators that can significantly boost innovation efforts. It is crucial that organizations implement recognition systems that are aligned with the company’s goals and are transparent in their evaluation. Recognizing both successes and failures (understood as learning opportunities) through personalized rewards, public recognition, or professional advancement programs can strengthen employee commitment and foster a culture where innovation flourishes.

7. Eliminate organizational barriers

Barriers such as excessive bureaucracy, rigid hierarchies, and outdated processes can stifle innovation. Identifying and eliminating these obstacles is vital to creating an environment where ideas can develop and thrive. By simplifying processes and promoting a more agile and flexible structure, organizations can facilitate a freer flow of ideas and increase responsiveness to innovation opportunities.

8. Foster intrapreneurship

Encouraging employees to act as entrepreneurs within the organization—known as intrapreneurship—is a powerful strategy for driving innovation from within. This involves providing autonomy, resources, and support for employees to develop and execute their own ideas. Establishing innovation teams, idea generation platforms, and intrapreneur networks (depending on the company’s characteristics and size) can be an effective way to channel internal creativity into innovative initiatives.

In conclusion, creating an innovation-friendly culture is not a destination but an ongoing journey that involves nurturing creativity, embracing change, and constantly learning from both successes and failures. By integrating innovation into the organizational DNA, companies can remain agile and competitive in a rapidly evolving world. Remember, an innovation culture is the foundation upon which great advances are built and sustainable success is ensured, making it highly attractive to talent.

Let’s talk about technological foresight

Posted on by Mariona Luis Tomás

Technology foresight conducts long-term analyses to predict future technological developments and prepare for them: would Swiss watch manufacturers have faced the fate they did if they had foresight into the impact of the Asian digital watch?

Foresight is an essential practice that enables companies and organizations to stay at the forefront of innovation and competitiveness. Below, the main objectives, methods, techniques, and information resources used in technology foresight are described.

Objectives of Technology Foresight

Informed Decision-Making: Provide data and analysis that facilitate strategic decisions based on reliable information, knowing that the reliability of the information depends on who interprets it.

Risk Mitigation: Identify possible threats and prepare strategies to minimize them.

Opportunity Identification: Detect new areas of opportunity for development and growth, and for competitive improvement.

Competitive Advantage: Stay ahead of the competition by anticipating emerging trends and technologies.

Policy Formulation: Develop policies and strategies aligned with future trends and technological needs.

Methods and Techniques Used in Technology Foresight

There are different methods to think about the future and how technology can impact the company in the long term. Some are repeated with technological surveillance, such as patent analysis, and are as follows:

Expert Panels: Meetings of experts in different areas to discuss and analyze possible technological futures and their implications.

Trend Analysis: Evaluation of historical and current data to identify patterns and trends that may indicate future developments.

Scenario Planning: Creation of different possible future scenarios to assess how they might develop and what impacts they might have.

Technology Roadmapping: Methodology to plan the development of technologies over time, aligning resources and strategies with technological goals.

Delphi Method: Iterative survey technique that gathers and refines the opinions of a panel of experts to reach a consensus on future technological developments.

Horizon Scanning: Search and analysis of early signs of changes and future developments in the technological environment.

Patent Analysis: Study of patent databases to identify new inventions and trends in technological innovation.

Wild Cards Analysis: Evaluation of unlikely but high-impact events that could significantly alter the technological landscape.

Information Resources Used

To conduct effective technology foresight, various sources of information that provide reliable and relevant data are used, again some repeated with technological and environmental surveillance, though looking towards the future instead of the present:

Scientific and Technical Literature: Articles and studies that present the latest advances and discoveries in science and technology.

Patent Databases: Information on new inventions and trends in intellectual property.

Market Research Reports: Market analyses that provide insights into current and future trends.

Government Reports: Official documents that provide information on policies, regulations, and government-supported technological developments.

Innovation Ecosystems: Networks and collaborations among different actors in the technology sector that facilitate the exchange of ideas and the joint development of innovations.

Integration into the Innovation Strategy

Technology foresight is not just about collecting and analyzing data, but about integrating this information into the company’s innovation strategy. Through an interdisciplinary approach, it ensures that the different aspects of the analysis are considered and aligned with the organization’s strategic objectives. This allows the company to be proactive, adapt quickly to changes, and seize emerging opportunities.

Technology develops and transforms companies at an ever-faster pace. I wonder if the life cycle of companies will shorten in the future, if companies will be single-generation, if there will no longer be companies over 100 years old, 100 years from now.

Let’s talk about environment surveillance for innovation

Posted on by Mariona Luis Tomás

Environmental surveillance involves observing the economic, social, and regulatory environment to anticipate changes that could affect the innovation strategy. It is a fundamental practice for any company that seeks to remain competitive and adaptable in a constantly changing environment.

Below, the main objectives, information resources, and tools used in environmental surveillance are detailed. As with all elements of external analysis, each company must customize the objectives, resources, and tools to its profile and options, to what serves it best.

Objectives of Environmental Surveillance

Risk Mitigation: Identify and evaluate possible external threats that could negatively affect the company, allowing it to anticipate and mitigate associated risks.

Opportunity Identification: Detect new business opportunities and potential areas of growth in the market.

Adaptation: Facilitate the company’s ability to adapt to changes in the external environment, ensuring a quick and effective response.

Regulatory Compliance: Ensure that the company complies with all applicable regulations and standards, avoiding penalties and improving its reputation.

Competitive Advantage: Obtain and maintain a competitive advantage by being better informed and prepared than competitors.

Information Resources for Environmental Surveillance

To carry out effective environmental surveillance, it is important to use various sources of information that provide reliable and relevant data. The main sources of information include:

Market Research: Studies and analyses of the market that provide information on trends, consumer behaviors, and growth projections. Consumers and their consumption habits change over time, and this is an important element that companies cannot ignore.

Competitor Analysis: Evaluation of competitors’ strategies, strengths, and weaknesses to anticipate their moves and plan accordingly. In this regard, it is important to observe competitors’ innovation strategies, at least at the level of products and services and marketing (since process and organizational innovation is more difficult to detect from the outside).

Industry Reports: Reports and analyses of the sector that offer an updated view of the state and prospects of the industry.

Government and Regulatory Agencies: Information on policies, regulations, and normative changes that could affect the company.

Trade Associations: Organizations that aggregate and provide data, reports, and analyses about the sector, as well as networking and collaboration opportunities.

Customer Feedback: Opinions and comments from customers that can reveal market needs and preferences. Nowadays, all companies constantly ask for customer feedback, which tires them out; my proposal is to focus attention on customers who were not satisfied, as they are much more likely to share their feedback.

Media and News: Sources of information about current events, trends, and changes in the economic, social, and political environment.

Integration into the Innovation Strategy

All the information collected and analyzed through environmental surveillance is used to carry out scenario planning. This process involves creating possible and plausible future scenarios, considering both the opportunities and threats identified. Additionally, regulatory and ethical considerations are taken into account, ensuring that the company is not only innovative but also responsible and compliant with regulations, as well as aligned with its values.

Integrating this analysis into the innovation strategy ensures that decisions are based on concrete and updated data, promoting a strategy of continuous learning and adaptation. This allows the company to be proactive rather than reactive, seizing opportunities before competitors and effectively minimizing risks.

Let’s talk about Technological Surveillance

Posted on by Mariona Luis Tomás

Technological surveillance is an essential practice for any company that wants to stay competitive and at the forefront of its sector. It involves continuously observing and learning from the technological environment to identify new trends, emerging technologies, and competitor movements that can impact my company in the short and medium term.

The objectives of technological surveillance are diverse and range from identifying emerging technologies to strategic planning. Below is a starting model for organizing a company’s technological surveillance, including objectives, data sources, and tools used, as well as its integration into the company’s innovation strategy. Not all the resources listed here make sense for all companies; each will have to choose and implement what is most convenient according to their case.

Objectives of Technological Surveillance

Identification of Emerging Technologies: Detect new technologies that can revolutionize the market and offer competitive advantages.

Competitive Intelligence: Monitor competitors’ activities to anticipate strategic moves and adapt one’s own strategies.

Risk Mitigation: Identify potential technological threats and prepare to mitigate associated risks.

Innovation and R&D: Support research and development activities with up-to-date information on technological advances.

Strategic Planning: Promote informed strategic decision-making with relevant and updated data on technological trends.

Data Sources for Technological Surveillance

To carry out effective technological surveillance, it is important to use various data sources that provide reliable and relevant information. The main data sources include:

  • Patent Databases: Offer information on new inventions and trends in intellectual property. The most interesting part is not so much identifying the “how” of the patent (how the innovation is made) but the “what” (what innovation is being introduced to the market, and what change it implies for my business).
  • Academic Research: Articles and academic studies that present the latest scientific and technological advances.
  • Industry or Sector News and Reports: Reports and analysis of the sector that provide an updated view of the market.
  • Competitor Activity: Observation and analysis of competitors’ strategies and movements.
  • Attendance at Sector Conferences and Trade Shows: Events where the latest innovations are presented and sector trends are discussed.
  • Open Innovation Platforms: Spaces where ideas and collaborative projects are shared among different market actors.

Practically, learning about technological changes with potential impact involves subscribing to newsletters from suppliers, competitors, and collaborators, attending trade shows, networking and sharing information, vision, and knowledge with peers, and setting up alerts for keywords or concepts in patent databases, academic articles, and Google.

Tools for Technological Surveillance

Using appropriate tools is essential for managing and analyzing the large amount of data collected during the technological surveillance process. Some of the most commonly used tools are:

  • Data Analytics: Techniques and software that allow analyzing large volumes of data to identify patterns and trends. The exponential technologies currently emerging in the market will be very significant for the evolution of these tools.
  • Innovation Management Software: Platforms that facilitate the management of innovation projects, management of programs or research lines, and the integration of technological surveillance data.
  • Customized Alerts: Systems that send notifications about new developments and relevant changes in the technological environment.

Integration into the Innovation Strategy

All the information collected and analyzed through technological surveillance is used to carry out a technology assessment. This process of technological evaluation allows the company to better understand the technological landscape and how it can impact its innovation strategy. Integrating this assessment into the innovation strategy ensures that innovation decisions are based on concrete and updated data, which increases the company’s ability to adapt to changes and seize new opportunities.

In conclusion, technological surveillance is an indispensable tool for any company that aspires to integrate innovation. Through the identification of emerging technologies, competitive intelligence, risk mitigation, support for R&D, and strategic planning, companies can stay at the forefront and ensure their competitiveness in an ever-evolving environment.

Knowledge management in innovation: Key to business success

Posted on by Mariona Luis Tomás

Knowledge management is a crucial element in any innovation strategy. The ability to capture, organize, and use both internal and external knowledge can make a difference in learning as innovation projects are executed. In this post, I would like to share some reflections on the type of knowledge handled by an innovative organization and how to manage it in a way that allows us to learn from the process.

Internal Knowledge: Identifying and Capturing the Essentials

Internal knowledge is generated within the organization over time. Capturing and organizing this knowledge is essential to avoid the loss of valuable information and to continuously improve innovation processes. Here is a way to organize the process and key resources to consider:

Identifying What Type of Knowledge Is Important to Incorporate into the Organization:

  • Innovation Project Knowledge: Document each stage of the project, from conception to implementation.
  • Post-Project Reviews: Evaluate what worked and what didn’t, to apply these learnings in future projects.
  • Lessons Learned: Record the key learnings from each project.
  • Best Practices and Templates: Create and share templates and best practices to facilitate the repetition of successes and avoid reinventing the wheel.
  • Intellectual Property Management: Ensure that innovations and discoveries are properly protected and managed.

Create a Knowledge Repository:

  • Centralize all information and make it accessible to all members of the organization.

Develop a Knowledge Capture Process:

  • Establish clear procedures for capturing, storing, and (most importantly) accessing information, so that those who come later can incorporate it as easily as possible.

External Knowledge: Technological Surveillance and Foresight

External knowledge comes from sources outside the organization and is equally important to maintain competitiveness, especially regarding open innovation. Here are three key activities for managing external knowledge:

Technological Surveillance:

  • Technological surveillance involves continuously observing and learning from the technological environment to identify new trends, emerging technologies, and competitive movements that can impact my company in the short and medium term.

Environmental Analysis and Monitoring:

  • The idea is to observe the economic, social, and regulatory environment to anticipate changes that could affect the innovation strategy.

Technological Foresight:

  • Foresight involves analyzing how technology might evolve in the long term to anticipate future technological developments and prepare for them.

Managing knowledge in innovation is not just a matter of internal organization but also of being attentive to changes and trends in the environment. By capturing and organizing both internal and external knowledge, organizations can improve their innovation capacity and remain competitive in a constantly changing world. Incorporating these resources and formalizing them within the company is essential in an environment where the only constant is change.

Elements to take into account when finishing an innovation project

Posted on by Mariona Luis Tomás

Closing an innovation project effectively is as crucial as its planning and execution. The closing process not only marks the end of an effort, but also lays the foundation for the success of other projects in the future. Some key elements for closing an innovation project are identified here, including the transition, post-launch support, lessons learned, documentation and knowledge transfer, and change management.

Project closure and transition

Project closure and transition are the first steps to formally ending the effort. This includes verifying that all deliverables have been completed and approved, releasing resources, and transferring any remaining responsibility. It is essential to ensure a smooth transition to regular operations or to upcoming projects.

  • Verification of deliverables: Confirm that all deliverables have been completed and approved by stakeholders.
  • Release of resources: Disengage the team and redistribute the resources used during the project.
  • Transfer of responsibilities: Ensure that the regular operations or support team receives all necessary information to continue.

Post-launch support

Post-launch support is crucial to ensure that any issues or adjustments needed after project launch are handled effectively. This includes planning and providing technical and user support to address any issues that may arise.

  • Technical Support: Provide technical assistance to resolve post-launch technical issues.
  • User support: Establish communication channels so that users can report problems and receive assistance.

Lessons learned

Documenting lessons learned is a vital practice that helps identify what worked well and what didn’t during the project. This provides a valuable knowledge base for future projects.

  • Project evaluation: Review project performance in terms of objectives, deadlines and budget.
  • Feedback from and to the team: Collect opinions and suggestions from the team about the process and results of the project. Offer vision to each team member about their capabilities and achievements, and their points of improvement.
  • Documentation: Create a lessons learned report detailing findings and recommendations.

Documentation and knowledge transfer

Documentation and knowledge transfer ensures that all relevant project information is well documented and available for future projects and operations.

  • Complete documentation: Ensure that all project documentation is organized and accessible.
  • Knowledge transfer: Conduct knowledge transfer sessions with the operational team or the next project team, in the form of training, conferences or accompaniment.

Change management

Change management is essential to ensure that transitions are managed effectively and that stakeholders adapt to the new circumstances resulting from the project.

  • Change management plan: Develop a plan to manage the changes that the project introduces.
  • Ongoing communication: Maintain open and continuous communication with all stakeholders to address any concerns or resistance to change.
  • Training and support: Provide the necessary training for users and staff to adapt to the new processes or systems implemented.

In conclusion, closing an innovation project in a structured and complete manner ensures that all aspects of the project are considered and handled appropriately. From closure and transition, to post-launch support and knowledge management, to documentation and change management, each step is vital to ensure long-term success and set the stage for future projects. Attention to these details not only marks the end of an effort, but also enriches the process of continuous learning and improvement in the management of innovation projects.

The importance of communication in innovation projects

Posted on by Mariona Luis Tomás

In any innovation project, in my experience, effective communication is a fundamental pillar that can determine the success or failure of the collaborative effort. The very nature of innovation implies a constant evolution of ideas, adjustments and improvements, which makes a clear and efficient flow of information essential. I would like to highlight three elements that I consider key to ensuring effective communication in complex innovation projects: creating a communication plan, promoting open communication and managing the overload of emails and communications.

Create a communication plan for the project

Creating a communication plan is the first step towards establishing a clear and structured framework, a “game board” and “rules” that allow everyone to bring their best to the project. A well-designed plan defines who, how and when information will be communicated within the project. This includes:

  • Roles and responsibilities: Clearly define who is responsible for what type of communication.
  • Frequency: Establish the frequency of meetings and status updates.
  • Communication channels: Determine what tools and platforms will be used (e.g., emails, chats, video conferences, etc.).
  • Documentation: Establish how important decisions and agreements will be recorded and shared.

A well-defined communication plan helps avoid misunderstandings, reduces duplication of effort, and ensures that all team members are aligned with the project objectives.

Open communication

Encouraging open communication is essential for innovation. An environment in which team members feel comfortable sharing ideas, feedback, and concerns without fear of retaliation is essential for growth and creativity. Open communication includes:

  • Transparency: Share relevant information and updates regularly and accessible to all.
  • Active listening: Promote a culture where all team members are valued and actively listened to. This may require more time than is usually spent communicating, but in my experience, it is worth it.
  • Constructive feedback: Encourage feedback that helps improve and drive the project forward.
  • Open communication not only improves team morale, but also makes it easier to identify problems early and generate innovative solutions.

Managing email and communication overload

In the digital age, the overload of emails and other forms of communication can become a significant obstacle to productivity. Managing this overload is crucial to maintaining team efficiency. Some strategies include:

  • Prioritize communications: Use systems that allow marking the urgency and importance of messages.
  • Set schedules: Define specific times of the day to check and respond to emails, avoiding constant interruptions.
  • Use collaborative tools: Implement project management and collaboration platforms that centralize communication and reduce the need for lengthy emails.

Effective communication management not only saves time but also reduces stress and increases focus on critical tasks.

Communication in innovation projects is an art and a science. Creating a robust communication plan, fostering a culture of open communication, and efficiently managing email and message overload are crucial steps to success. By improving the way we communicate, we not only facilitate collaboration and efficiency, but also open the doors to greater creativity and innovative solutions.

The importance of monitoring in innovation projects

Posted on by Mariona Luis Tomás

Innovation projects are inherently complex and require meticulous management to ensure their success. Proper tracking of these projects is essential to staying on track, identifying issues early, and adjusting strategies as necessary. Below I identify the elements that I consider key to monitoring innovation projects, including key performance indicators (KPIs), data collection and analysis, regular progress reports, dashboards and reporting tools, performance evaluations, management of resources and customer feedback.

Key performance indicators (KPIs)

KPIs are essential metrics that help measure the success and progress of the innovation project. These indicators must be aligned with the project objectives and provide a clear view of its performance. Examples of KPIs in innovation projects can include the number of new ideas generated, time from conception to product launch, and return on investment (ROI).

Data collection and analysis

Collecting and analyzing data as the project is executed is essential to understanding project performance. This involves gathering relevant information about progress, identifying trends and patterns, and using this data to make informed decisions. Tools like Google Analytics, Tableau or Power BI can be very useful for this purpose.

Regular progress reports

Regular progress reports keep all stakeholders informed about the status of the project, and are a staple for change management, in my experience. These reports should include updates on KPIs, milestones achieved, challenges faced, and next steps. The frequency of these reports may vary depending on the characteristics and duration of the project, but it is common to have monthly or quarterly updates.

Dashboards and automatic reporting tools

Dashboards and reporting tools provide a real-time overview of the project. These tools allow project managers and teams to visualize progress and KPIs clearly and concisely. Examples of these tools include Microsoft Power BI, Tableau, and Jira.

Performance evaluation

Performance evaluations are essential to ensure that the team is aligned with the project objectives. These evaluations should be constructive and focus on the development and continuous improvement of the team. They can include reviews of individual and team achievements, as well as 360-degree feedback.

Resource management

Resource management ensures that the project has the necessary means to move forward. This includes the allocation and monitoring of financial, human and material resources. Efficient resource management is key to avoiding bottlenecks and ensuring that the project stays within budget and established deadlines.

Customer Feedback

Customer feedback is invaluable for innovation projects. Listening to the opinions and experiences of end users can provide crucial insights to improve the product or service. Methods such as surveys, focus groups, and social media comment analysis can be used to collect this feedback.

In conclusion, effective monitoring of innovation projects is a multifaceted process that requires attention to several key elements. From defining KPIs to managing resources and collecting customer feedback, each aspect plays a vital role in ensuring that the project progresses smoothly and efficiently. Implementing these practices not only helps keep the project on track, but also fosters a culture of continuous improvement and adaptation.

Collaboration on innovation projects

Posted on by Mariona Luis Tomás

In my experience, innovation projects are often complex, requiring the integration of multiple disciplines, knowledge and perspectives. In this context, effective collaboration becomes a critical factor to achieve the proposed objectives. This post presents some key elements to promote collaboration in innovation projects.

Collaboration tools

Collaboration tools are essential to facilitate communication and coordination between team members. Platforms like Slack, Microsoft Teams or Trello allow teams to share information, assign tasks and track project progress in real time. Choosing the right tool can significantly improve team efficiency, comfort, and cohesion.

Meetings

Meetings are a fundamental part of collaboration. Whether in-person or virtual meetings, they provide a space to discuss ideas, solve problems and make decisions. It is important to set a clear agenda and ensure that all voices are heard to maximize the productivity of these meetings. I am not in favor of limiting the meeting time a priori, since I like to invest in everyone involved being listened to calmly, but I try to avoid going over the same topic and invite the decision maker to make it quickly.

Document decisions and agreements

In complex projects, it is crucial to document all decisions and agreements. Not only does this provide a clear reference for all team members, but it also helps avoid misunderstandings and ensure everyone is aligned on the project goals. Tools like Google Docs or Confluence are ideal for this purpose, as decisions can be written down online and visible to everyone.

Centralized document repository

Having a centralized repository of documents ensures that all relevant information is accessible to all team members. This makes it easy to access the necessary documentation and ensures that everyone is working with the most up-to-date information. Platforms like SharePoint or Dropbox can be very useful in this regard, as well as the ineffable GDrive.

Version control

Version control is essential for projects that involve multiple reviews and edits of documents and code. Tools like Git allow teams to manage different versions of files, facilitating collaboration and minimizing conflicts between different contributions, or upload documents to the cloud and update them directly there, again GDrive is a good option, although it doesn’t work as well when the documents are presentations.

Feedback loops

Feedback loops are essential for continuous improvement. They allow teams to evaluate their progress, identify areas for improvement, and adjust their strategies accordingly. Feedback should be constructive and focused on the development and growth of the team.

Conflict management

In any collaborative project, conflicts are inevitable. The key is to manage them effectively so that they do not become obstacles. Establishing a clear protocol for conflict resolution and fostering a culture of respect and open communication can help maintain a positive and productive work environment.

Celebrate achievements

Celebrating achievements, both big and small, is important to maintain team motivation and engagement. Recognizing and valuing the efforts and contributions of each team member strengthens the spirit of collaboration and fosters a positive work environment.

Continuous improvement

Finally, effective collaboration on innovation projects requires a commitment to continuous improvement. This involves not only learning from successes and failures, but also being open to new ideas and approaches that can improve the way the team works together.

In short, collaboration on complex innovation projects is a challenge that requires a combination of appropriate tools, well-defined processes and a positive work culture. By implementing these elements, teams can overcome the barriers of complexity and achieve innovative and successful results. The key for me is to establish a game board with clear rules and open the opportunity for all participants to play in their own way.

Funding innovation

Posted on by Mariona Luis Tomás

Innovating is essential to maintaining any organization’s time competitiveness, but funding is often needed to bring ideas to reality. Below are the most common ways to finance innovation projects.

Internal budget:
Allocating a specific budget for innovation is key. This funding is usually used for R+D+i projects, adoption of new technologies, enhancement of the entity’s innovation ecosystem and talent development, among other innovation activities.

Private grants:
Research potential donors, review grant guidelines and criteria, and develop a personalized proposal. Remember to include letters of support and follow compliance requirements.

Government incentives:
Take advantage of tax credits for R+D+i, grants for innovation and specific programs for small businesses and sustainable projects. Innovation policy is consolidated at European, national and regional level.

Private investors:
Angel investors and venture capital provide financing in exchange for equity. Angels are usually individuals who invest in early stages, while venture capital comes from investors looking for high returns on high-risk projects.

Crowdfunding:
Use crowdfunding platforms to raise small amounts from many investors. Create an engaging campaign, promote it and keep your backers informed.

Corporate Partners:
Strategic alliances, joint ventures, corporate incubators and technology licensing agreements can provide resources and access to new markets.

With a combination of these sources, your organization can secure the funds needed to fund initiatives that deliver customer value.