High Performance Innovation Framework

Based on work over the past decade with companies across multiple sectors and geographies, Monitor Group has developed “High Performance Innovation” framework that outlines the key elements required to drive innovation leadership. In addition to innovation environment, the framework has four elements: leadership, strategy, structure/processes, and people. Since innovation is managed as a system, weaknesses in any one of these elements can result in poor innovation performance.
The external Environment of a company helps define the growth objectives of a company and intensity required to compete. These factors then translate to the urgency and importance of innovation as a pillar for survival, growth and leadership.Leadership is the clarity of the vision for driving innovation in the firm. It includes how committed leadership is on the topic of innovation; how clearly and often the importance and urgency of innovation is communicated to the organisation; and how it is linked to the strategic intent of the firm.The top half of the diamond represents the Strategy element of the framework and evaluates the sophistication of the innovation strategy of a company. It tests questions like does the firm view innovation strategy as search for a silver bullet or as an organisational capability? How does the company manage risk, uncertainty and ambiguity? What is the role of partnerships? Are there notions about options and hedges?The bottom half of the diamond covers the hardware and linkages needed to allow ideas to move quickly and effectively from concept to commercialisation. Specifically, it covers issues with Organisation, Processes, Systems and Assets.The Culture and Metrics satellites spinning around the diamond represent the importance of people and culture in making innovation happen. This element helps reveal the propensity for an organisation and individuals to take risk, collaborate, and be entrepreneurial.
source::Business today