Is your business ready for Accelerator innovation?
Everyone is talking about it but not many are doing it
In the current climate, most businesses are thinking about how they can fast track ideas. Large corporates are grappling with how they can be more entrepreneurial to counter the threat from digital brands with new distribution models – and how to work flexibly through a stage gate process not designed to be flexible.
The default is often “be more creative” – this alone is not enough. To create what we term Accelerator Innovation™, and inspired by our work with private equity, we believe businesses need to think about culture and capabilities as much as creativity, and to have these 3Cs aligned and streamlined.
Creating an accelerator mindset is challenging, but something every business needs to address to remain relevant and drive long term growth. Twinings Cold In’fuse is a great example of this. With black tea in long term decline, our platform-led innovation approach gave Twinings the capabilities to expand into the wellness space, and the confidence to invest.
Providing the capabilities and principles that enable agile innovation is key. Strategically-led innovation platforms enable us to fill the pipeline with quick wins and short-term initiatives, whilst providing the foundation for longer term opportunity development.
A burning platform is often the catalyst for cultural change, but as important is the quality of the leadership. Having the right leaders in place means that innovation can be driven from the top – and become something everyone does, not just the innovation team!
“We look for strong leadership to create the right culture for pushing ideas through and driving growth. This goes a long way to make up for shortfalls in other areas.”
Caroline Dent, Partner, ECI Partners LLP
Fundamentally, it’s about getting the right people in place and giving them the right tools for the job.
These are characteristics private equity and investors look for – brands with potential to accelerate. Private-equity owned businesses need to be able to rapidly turn on the tap, implement quick wins, and demonstrate long term potential for the next investor.
So, does your brand have an accelerator mindset, and what do you need to do to get your culture and capabilities ready for agile innovation?
For further information contact Mary Say or Matt Wheeldon