Can we Reinvent the Business Case to actually Encourage Innovation?

Recently I had the pleasure of attending the 2nd anniversary celebration of Invest Ottawa - a really great resource for helping fledgling entrepreneurs in the city. More than just a chance to meet the Mayor and eat chocolate cake, it was an opportunity to see some of the great innovations and business concepts launching in our own backyard (eg, BitAccess, the first Bitcoin ATM, or Gnowit, a realtime media monitoring & analysis service).

As I walked around learning about some of the new ventures, I took great inspiration from the confident, 'no-fear' attitude of their founders. Sometimes we forget that many of the big brands we now take for granted were once small startups that had to work like crazy to get themselves heard in a sea of competitors and nay-sayers.

One observation really got me thinking about what we need to do to encourage more creativity, innovative thinking, and pilot program development in the workplace. I noticed that young entrepreneurs (and when I say young here, I mean under 25yrs) seem to have something we could all benefit from -- the 3 'C's:  1. carefree will, 2. confidence, and 3. candor. Not yet burdened by the hierarchy of experience, they are driven by the belief that any idea has a chance to make it big, and they just 'go with it.' When talking with interested parties, they're not afraid to be honest about where they are with revenue (or the lack thereof), but exude confidence that the product or service has what it takes to succeed.

One big way I think businesses could help to encourage greater innovation is by changing the Business Case Process within their organizations. Often described as a 'brick,' the Business Case Template can be an arduous, time-consuming and tedious task for product managers to complete in the hopes of getting senior executive attention and funding for their creative ideas. The larger the organization, the more 'gates' of approval that are usually required to move ideas forward. Obviously, from a financial and legal standpoint, it is important to have a process for prioritizing and funding ideas, but there has to be a better way.

Here are just a few ideas for how you could re-invigorate innovative thinking in your company:

-Allocate up 20% of employee's time to innovative activity - either through individual submissions, participation in creative brainstorming sessions, attendance at industry events, etc. This is a common practice in some of the known digital leaders like Intuit and Google to help foster a culture of creativity.

-Ask for a 1-page 'Innovation Infographic' to describe the key value proposition, target market and competitive positioning of the service offering rather than a heavy word document business case.

-Hold a breakfast roundtable with your key executives to review the top 3 creative ideas each month (the idea generators actually attend the meeting to present their infographic - no death by powerpoint and pancakes) - the ideas could be vetted and 'voted on' via internal social media. If the idea can't be conveyed through a 1-pager (ie, elevator pitch), it won't be compelling for your customers or investors either.

No matter what you do from a process perspective, it is crucial that you follow-through with feedback on any ideas that are submitted or piloted. Openly discussing both successes and failures is key to fostering trust among your employees that they can feel comfortable submitting ideas without fear of failure or losing their jobs.

As the cartoon below depicts, that last thing you want in your idea lab are documents full of false promises and 'fabricated' clauses. Focus on what matters most to your company strategy and your customer needs... and the statistics will soon follow!