Corporate Innovation: A Framework for Defining Innovation Initiatives

Corporate Innovation: A Framework for Defining Innovation Initiatives

Corporates around the world are investing in innovation hubs or labs, hackathons, silicon valley trips, agile trainings and design thinking workshops to innovate, to become more agile, customer-centred, purpose-driven, profitable, efficient or disruptive.

I wanted to know how corporates make sense of the sometimes vague topic of innovation, how they manage innovation initiatives and how they allocate funding. In my interviews with employees and leaders of corporate innovation hubs I noticed that many innovation managers struggled to describe what type of innovation they apply and why they use one particular method over others. I believe this is partly due to the lack of a model for reference. The growing number of innovation methods is adding to the confusion. Check ask-flip.com for a collection and categorisation of 565 distinct methods and tools for innovation. Here’s an attempt to craft clarity through a framework for managing innovation in corporates.