Sep 2017 - IDC Perspective - Doc # CA43013217
Critical Success Factors for the Global Innovation Center
This IDC Perspective discusses critical success factors for the global innovation center.
Innovation is the new boardroom buzzword. Announcements are coming at a rapid pace about corporate innovation, investments and reorganization around digital channels, and reengineering and rightsizing around innovation. While there is plenty of noise out there, it is clear that most businesses realize that the old ways of doing things won't cut it in today's market.
Innovation centers may not be for everyone. It depends a lot on the industry, maturity, size, and capacity of the company. Many organizations instead decide to work with university accelerators and vendors or sponsor crowdsourcing and hackathons to generate ideas, take ideas to concepts, and eventually bring these innovation efforts to market.
"There are different routes to innovation, such as mergers or investing in start-ups as many banks are doing in the fintech space," says Mark Schrutt, strategic advisor, Innovation and Public Sector research at IDC Canada. "Another approach is to take lessons from these start-ups, which are encapsulated in the try, fail fast, and reiterate principles of the lean start-up methodology. This is the foundation behind innovation centers."