3 innovation lessons from the biggest innovators

Kate Geraghty
Jun 23 2016
Amantha Imber
AFR
Australian businesses generally agree that innovation is a critical ingredient for success, but the question of how to innovate tends to be more challenging.
They often try to implement this through techniques such as brainstorming and blue sky thinking. The most progressive organisations however, have several things in common when it comes to driving innovation.
1. They make it accessible
For many people, innovation can feel like something that is out of reach, either because they don’t have the word innovation in their job title, or because they don’t feel as if they have the skills needed to innovate effectively.
To overcome this challenge, Commonwealth Bank of Australia implemented CANapult, an ordinary tin can that helps launch ideas into action and makes innovation accessible to anyone within the bank. When an employee comes forward with an idea, they are sent a CANapult can, which contains a handwritten note from an executive and a stack of tools to help define, test and pitch their idea.
The internal innovation team are on hand to support all participants and, in addition, people are assigned a “buddy” from within the business who is going through a similar journey, allowing them to share experiences.
2. They ensure there are ‘champions’ to support innovation
Most large organisations that take innovation seriously, appoint people to be innovation catalysts or champions. At Pfizer there are 500 innovation champions worldwide who dedicate 10 to 15 per cent of their time to helping facilitate and coach people through the innovation process.

3. They insource and outsource innovation – concurrently
Corporate venturing, whereby companies invest money into external businesses and start-ups, has become an increasingly popular innovation strategy within Australia over the past few years. However, a trap that some companies fall into is that they believe they can simply outsource innovation to start-ups, rather than put in place structures internally to support employees with innovating.
Lendlease is one company that has deliberately balanced its approach to innovation, by empowering employees with the skills and structures to drive innovation internally, as well as looking externally for inspiration. The property and construction company has a formal innovation program for employees as well as considering its longer term portfolio against disruptive technologies through exploring investments in start-ups and joint ventures.
Dr Amantha Imber is the Founder of Inventium, Australia’s leading innovation consultancy. Her latest book, The Innovation Formula, tackles how organisations can create a culture where innovation thrives.
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