Part 2 quick recap
In parts 1 and 2 of this series, I tried to lay out some key quantitative aspects of a proper corporate innovation portfolio.
The key takeaway is that it's about dealing with optionality – not serendipity – and spreading out enough explorations between technology and market innovations, with enough in the different low, medium, and high-risk zones. Eventually, totaling around 120 explorations seems to be the empirical soft spot for a portfolio that delivers.
Culture is a b...
Now that we have the core mechanism in mind, one last (massive) factor is at play: your corporate culture. It's genuinely amazing that very few business books start here. Without a proper understanding of how your organization works, your chances of building an effective innovation strategy are slim. At best, it's a shot in the dark. But given the scope of what we are discussing, which is not an isolated innovation program but a cohesive approach connecting all innovation initiatives, I don't think walking in blind is an option.
So what are we discussing when we say culture?
What you may not be aware of is that they work together!