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Fostering Innovation – IT Driven Innovation Deployment for Profitable Growth – Part 1

Insights learned from Praveen Gupta

From his Presentation called:
Fostering Innovation – IT Driven Innovation Deployment for Profitable Growth

Summary By Alex Jarett,
Founder, Technology Executives Club and Technology Innovation Institute.

What’s the difference between creativity and innovation?

It’s a vital question and one that Praveen Gupta asked at the beginning of his presentation to our community at a past Technology Executives Club event.
Here’s the difference: Creativity allows you to come up with new and different ideas.  Innovation is when you come up with ideas that people are willing to pay for and they enjoy it!

As example – Apple is commonly known as a leading innovative company.  And that’s because their products are both fun to use AND people are willing to pay for them.

That insight is interesting, but Praveen was a leading voice, I believe, in presenting the idea that corporate growth could be a function of IT lead innovation.  IT led innovation, he stressed, should be led by the CIO or other technology business leader, and there should be a process to innovation, just like there is a process to Marketing, Sales, Finance and Operations.

Why a leading voice?  Because Praveen gave this presentation to our community in June 2010.   I was actually cataloging some of our archives when I re-discovered his presentation and realized I hadn’t listened to it for a while. What I discovered was that Praveen’s insights are still very relevant today.

At the time of the presentation Praveen and I conducted a short 10 question survey of our community to see how area (Midwest) CIOs and other technology executives felt their companies were doing with providing an innovation process.

What was interesting about the results was the fact that companies reported failure for their companies to provide three of the top ingredients to create both an innovative culture and a process for taking innovative ideas and driving them through a product development cycle.

Clearly, the results showed, there was work to be done, and my guess is if we redid the survey we would find similar results for many companies.

How about you and your company?  How do you rate your company on these three questions?  In the original survey, these questions were answered as Strongly Agree, Agree or Not Sure or Barely.
Here’s 3 of the questions:

1. Departmental Goals have been established to support innovation.
2. Facility for employees to brainstorm, play, or experiment.
3. Measures related to CEO recognition, ideas and revenue for new offerings established.

How did you do?

My guess is most companies still could use help in these areas.

In our next post, we’ll cover Praveen’s insights on what innovation can mean to your company’s profitability and how to create a process to capture innovation in your company.

Updated: September 27, 2016 — 4:59 pm

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