FRUSTRATED WITH A CULTURE THAT
ISN’T INNOVATIVE? YOU’RE PROBABLY MISSING A KEY MANAGEMENT PRACTICE.
Rita McGrath | Thought Sparks
INTRODUCTION
Leading strategic growth and change doesn’t need to be a mystery! If only we taught people the skills necessary for three key leadership roles, it could be a lot more systematic and corporate transformation efforts might yield a lot more success.
THE ANATOMY OF A SUCCESSFUL GROWTH PIPELINE.
The first thing to realize about managing a pipeline for innovation and growth is that it implies that you will have many initiatives in different stages, all at the same time. Different companies call these stages different things, but I’ll argue that you need at least the following five types of projects.
Growth opportunities: These are often just ideas that have not yet found a home.
Growth projects: These are the projects that people are actively working on.
Growth ventures: This stage will have a dedicated team, dedicated resources, and a hypothesis about customer demand.
Growth business: Here the amount of uncertainty in a business has been reduced, and operations are more predictable.
Growth deceleration: Of course, most venture ideas will never become big businesses.
To manage these well, there are at least 3 different levels of leadership challenges. These can be individuals or more likely multiple individuals engaged in systematic innovationsupporting activities.
Executive Championing: The Executive Champion is broadly responsible for the role of innovation and entrepreneurship within the context of a broader strategy.
Organizational Championing: The organizational champion is someone we affectionately call a “sherpa.”
Venture Championing: Venture champions are those who are immediately responsible for building the business.
So, are you missing a key role or activity?
Consider these questions, each related to the framework.
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