Our recent discussion in the corporate innovation community discussed key issues including

1. Transforming with Innovation:

A major point was the need for innovative approaches in organisational transformations, particularly in sectors like healthcare. The emphasis was on not just replicating existing methods but integrating innovative, test-and-learn strategies. This approach is vital for unlocking the full potential of digital transformations.

2. Shared Innovation Vocabulary:

The creation of a shared innovation language within teams emerged as a critical area. While tools like the strategizer toolkit are helpful, the journey towards a unified understanding of innovation is ongoing and vital for effective teamwork.

3. Risk and Reward in Innovation Roles:

The discussion also covered the balance of risk and reward in innovation roles. The consensus was that innovation roles in corporations need a balance to maintain motivation and effectiveness, drawing parallels to variable compensation in consulting roles.

4. Applying Innovation Tools Practically:

The practical application of innovation tools in non-specialist roles was highlighted as a challenge. These tools are often seen as burdens rather than aids. Demonstrating their value in everyday work is key to their successful integration.

5. Digital Culture and AI in Healthcare:

The lag in digital culture within healthcare, especially concerning AI, was noted as a concern. There’s a pressing need for a shift towards a more innovative culture to fully leverage AI’s potential in diagnostics and personalised care.

Finally, the meeting touched upon how innovation is perceived in boardrooms. Often seen as optional compared to growth, there’s a need to redefine innovation as a fundamental driver of sustainable growth.

The meeting highlighted several key areas for enhancing corporate innovation, including effective open innovation strategies, innovative transformation processes, the development of a shared innovation language, balancing risk and reward in innovation roles, the practical application of innovation tools, embracing digital culture in healthcare, and redefining innovation’s role in growth.