When it comes to corporate innovation, we’ve been in survival mode.
One KPMG survey from July 2021 found that 42% of corporate innovators were still dealing with a “significant” or “extreme” impact on innovation strategy and investment.
Now, that’s not too surprising. We all had to quickly adapt to a new normal and embrace changes to our workforces, environments—heck, even to our products in some cases. But that all seems to have come at the expense of strategic, long-term innovation.
But it’s time to get that innovation engine back up and running. Research from the University of Chicago Booth School of Business found that investment in early-stage companies by venture capital firms is increasing. That means corporate innovation is already starting to happen, whether we’re ready for it or not.
“As a company that has gotten this far, you should be thinking about the number of new business or growth ideas on your company’s agenda for the coming year,” writes Lindsey Lyman, clinical associate professor of entrepreneurship at Chicago Booth.
As the new year kicks off, I am making a commitment to prioritize innovation. It’s time to power up my creative mind, and put myself and my team to work coming up with new and thoughtful solutions to the challenges of today—and tomorrow.
Are you facing new challenges in 2023 (and beyond) at your company? Do you have structures in place to support innovation to tackle these challenges? And if so, how will you execute on the solutions you devise?