Key Takeaways: Business Mix Taster Session
Updated: Dec 23, 2019
Business Mix recently conducted a Taster Session on Business Innovation, conducted by Business Mix founder & CEO, David Page.
Founded in 2016, Business Mix is a global collaboration network and consultancy. They work with both large corporate entities seeking to innovate and start-up and scale-up companies, helping them to grow operationally. With an international network of associates and partners, Business Mix provides decades of experience in innovation, across key global innovation hubs. Headquartered in London’s Shoreditch, Business Mix looks East across the innovation ecosystems, with a clear focus on Israel’s Tel Aviv, India and South East Asia with an office in Singapore.
David shared six lessons from his extensive career in corporate innovation.
"Nobody gets fired for failing quickly, they get fired for failing slowly"
Successful corporate innovation involves taking small steps during the innovation journey, and incrementally learning from these steps to pivot towards the end goal.
"Successful companies make a separation of innovative efforts"
It is essential to create an environment to foster innovation, be it through a physical or contextual separation.
"Make a conscious effort to integrate and create relationships with the innovation ecosystem"
This enables the company to gain new ideas from external influences. For example, programmes like the Future Law Innovation Programme (FLIP) aim to create such an environment for companies to leverage upon the innovation community and incubate ideas.
"Ideas -> Shape -> Prove -> Route to live"
Having been made aware of a specific form of disruption, companies should determine whether it is a threat or opportunity. If the technology is incorporated, internal processes should change to integrate it into the current system. This is a proof of concept of implementing any new technology.
"How you get value from open innovation? By doing it!”
First, access the innovation ecosystem to be introduced to startups, academic and government bodies. From there, companies are then able to build up a client base. Then generate feedback from clients through user-based design - this is a design framework that puts the needs of the user at the heat of solving a problem. Remember to ask the right questions to elicit the right answers to improve on the existing product.
"Filling the pipeline"
The pipeline of ideas is a numbers game - the more ideas there are at the start, the more likely that there will be a feasible idea at the end. Start with many ideas and whittle them down to one or two ideas at the end. Always evaluate the opportunity cost of pursuing an idea, as implementing one idea means giving up others.
"Don’t underestimate the importance of storytelling"
Storytelling allows the contextualisation of the idea with the background. The better the story, the more likely that more opportunities are created with potential partners.
Consistent internal and external storytelling enables the company to project the same messaging to stakeholders to enable clarity surrounding innovation efforts.
"Route to live"
There must be consistent follow through when a new technology is implemented. This involves skilled project management. Rolling out changes at scale allows the company to be onboarded with the new technology and increases uptake internally.
This process should be dedicated to a team with a relatively senior manager that includes technical expertise and ideally communication and PR skills.
Thanks David for sharing all your great insights with the FLIP Community!