The innovation process isn't what we think it is, and if we don't rethink our approach, we can't innovate. The 4 phases of the life cycle are innovate, create, run, and enhance.
Last week, Justin talked about how companies must rethink their approach before they can be truly innovative. Today, he discusses the high-level approach used at Venado Technologies, laying out the four major phases in the innovation life cycle.
Join Justin over the next four weeks to discuss the four phases in depth.
Transcription of Video:
Last week I spoke about the innovation process and how we have to rethink how we approach solving problems with technology inside large organizations. This can't be tackled by just announcing that your organization is going to have a "culture of innovation." It has to be backed up with new policies and processes that support the culture you're describing.
Today I'm going to lay out the high-level approach we use at Venado. And then, for the next four videos, I'll dive a bit deeper into each of the four major phases on the life cycle.
It's important to remember that us humans aren't very good at change in the short term. We evolve very well over time, but in the short term doing things differently feels awkward. Especially in a large organization where there are so many variables, it feels risky for individuals to innovate. They fear that if something doesn't go right they could be held accountable. Until you remove that concern, you simply can't truly be innovative. And the best way that I know to solve that is to lay out a process that permits some risk-taking, in small doses, and anticipates that things won't always go perfectly. And knowing they won't go perfectly means we have to be thinking ahead about how we'll validate success and then evolve the solutions over time.
As I said in the beginning, the four primary phases are innovate, create, run, and enhance.
And even though we start with the innovate phase, the overall life cycle doesn't necessarily have a starting point. It's an ongoing life cycle and you may already be at some particular phase throughout this life cycle. What's important is to recognize the phase you're in and begin thinking about where you go next. Then adopt the philosophy that you never reach an end point, only start the cycle over again for the next iteration.
Next time I'll tackle the components of the innovate phase to get us started.
As always, you can visit our website for more information about this life cycle. And if you have any questions at all, don't hesitate to ask.
Thanks for watching and we'll see you again next week.
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