Idea centric or entrepreneur centric innovation?

Idea centric approach:

  • Develop a process
  • Build a cross-functional team
  • Assign a project manager
  • Get executives to say how important this is
  • Pay token prize for new ideas
  • Start innovating
  • Hand ideas to existing GM’s/Product Managers and say “go”

Entrepreneur centric approach:

  • Develop a culture that supports critical thinking and entrepreneurship
  • Assign pool of funding for new growth initiatives (that can’t be taken away)
  • Create incentive structures for entrepreneurs that reward smart risk taking
  • Provide air cover and support for entrepreneurs (ok to ask for forgiveness on breaking some glass)
  • Celebrate successes and learnings from failures

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