We already know that the world is changing, right? We also know that new technologies emerge daily, and it directly impacts in a company's culture, where it must constantly innovate to adapt to the changing world and triumph over adversity.
In this way, this book from Pedro Waengertner will give some tips for you to apply in your business.
But I ask the question: do we know how to practice innovation in a company and outline strategies for radically implementing new ideas?
Do you want this answer? Keep reading and discover this new world.
About the book "A Estratégia da Inovação Radical"
Published in 2018, "A Estratégia da Inovação Radical", provides an overview about the reality of innovation in companies.
Divided into 12 chapters, the book presents in its 254 pages the principles of radical innovation, the current scenario faced by entrepreneurs and how to apply this strategy in a daily life.
About the author Pedro Waengertner
Pedro Waengertner is an entrepreneur, writer, speaker and, also has been professor of ESPM MBA for 15 years.
Pedro is the founder and CEO of ACE, one of Latin America's leading startup accelerators, working to spread and develop innovation in Brazil. Today, he also serves as an advisor to 8 companies.
In short, Pedro Waengertner is an expert on the subject of "innovation".
To whom is this book indicated?
It's indicated from the CEO of a company to an individual microentrepreneur, passing by specialists in the field and intrapreneurs (entrepreneurship in professional life).
So if you want to know how to act innovatively in your business or work, you've come to the right place!
Main ideas of the book "A Estratégia da Inovação Radical"
- Innovation is a matter of organizational design;
- Initiating agile management requires training and adaptation by the entire team;
- The customer must be the center of the equation;
- Learn how an investor helps in the development of innovation;
- Innovative ideas can emerge at any time, and you should know your product's weaknesses to prevent them from becoming obsolete;
- For a company to be innovative, cooperation is needed.
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Overview: Understanding the current scenario
In today's world, changes are routine. But how can we adapt to this and stay ahead of market changes? Innovating!
According to the authors It's innovation that moves the gears of the world, and it's on the rise. Just paying attention you can notice the large number of startups that come up today.
To undertake we have to play the attack! Investing, planning and creating are the best ways, but also running after new opportunities with broad vision and quick thinking.
And it's to survive this scenario that Pedro Waengertner defines the 6 steps to be a radical innovative company. Let's check this out!
Overview: Innovation is a design issue
The author affirms that the best companies work as if they were small startups, who are connected by the company's leadership and culture
This way, innovation depends not only on one person, but on a joint action by the company, including structure, leadership and people.
Innovation is a matter of organizational design.
What is organizational design?
The organizational design is related to the way the company is designed and how relationships are established, as well as the hierarchical model. It embraces processes, structures, time and leadership. Also, the combination of this factors will show how the company will face the innovation challenges.
Want a good example of this? Just think about the first thing companies do when they want to look innovative: move the office and make the environment more relaxed (some even add games and slides).
The author emphasizes that making the environment cool doesn't make anyone innovative or creative. It takes more than an innovative office.
Thus, it's necessary to change the processes, turning the company and its employees towards a new vision.
To implement radical innovation, you need to change the design of your organization from a new framework that transforms the topics below:
- Processes: rigid and less variable processes give way to constant experimentation, which is characteristic of innovation;
- People: a company with rigidity of functions and lack of autonomy now is formed by multidisciplinary teams;
- Structures: the old structures, characterized by division into departments, failed communication and specialization of functions are updated and formed by lean and autonomous teams, divided into projects and with specific objectives;
- Leadership model: leadership becomes bottom-up, that is, teams with decision-making freedom and leaders focused on teaming and alignment.
Overview: Agile management
According to the book "A Estratégia da Inovação Radical" an innovative company works fast, planning, executing and learning quickly. Your company can't make projects of 2 years of dubious quality.
Projects need to be fast and generate learning. Did it go sideways? Great! This means that next time you will know what not to do.
Also, don't think that agility is just about speed. There are 2 other points: simplicity and prioritization.
- Be simple, cut out what's unnecessary and won't help you achieve better results;
- Prioritize in the midst of chaos, evaluate all possibilities and ideas and select those that are most likely to succeed.
These are the main points. But to start agile management, it takes training and adaptation by the entire team, seeking better results together.
Overview: The customer at the center of the equation
Pedro Waengertner says that it may sound cliché and even a little obvious, but the customer needs to be the center of your business equation.
He explains that he thought of leaving this topic out, precisely because it's something obvious and widely commented. However, he kept asking himself if the companies actually get this message clear.
Think of Amazon, for example: every meeting has an empty chair, representing the client, showing that they should always be a priority. This leads to decisions that can cause short-term damage, but the relationship with customers is strengthened, bringing positive long-term results.
In your company, it shouldn't be different. The first step is to know the job to be done. It's a simple concept: a customer buys a product to satisfy a need or solve a problem, that is, to solve a job.
This way you must understand that a job can face competitors on many fronts.
When we think so, competition is seen with new eyes. And understanding the job to be done allows you to consider all these variables, customize your job for the client, and bring that relationship closer together.
In this scenario, the whole company can act in favor of this job, prioritizing tasks and adjusting strategies. And for that, understanding more and more our customers is fundamental.
The author highlights some questions we must ask to understand if our focus is on the customer:
- Are we relating straight to our customers?;
- What channels can we start using to establish a closer relationship?;
- Do our customers love us? How to work our products to ensure a better experience?;
- In the market, who establishes a more direct relationship with customers?.
Answer these questions and see where your business needs to improve to include the customer in the center of the equation.
What do you need to focus more on the customer?
Finally, you must understand that a company, in order to focus on the customer and treat it as the main point of the equation, must follow these guidelines:
- Understand the job to be done of your product;
- Be in constant contact with your customers;
- Make decisions from their perceptions;
- Collect and analyze real data and use it to measure customer satisfaction;
- If the goal is the best customer experience, break down barriers and hierarchies. The customer is priority;
- Create relationship and learning channels.
Overview: Investor Thinking
Pedro Waengertner says that in the world of radical innovation, one has to think like an investor. Risking and knowing that most of your bets, ideas, and innovations could go wrong is critical to focusing on those that will generate great returns.
Take the example of how Google does that: there are a number of initiatives that go wrong, such as Google Glass, but there are many successful initiatives that bring great results.
To embrace the radical innovation strategy, you need to understand that not everything is a flower, that many of your initiatives will go wrong, but at the same time, there will be successful ideas.
According to the book "A Estratégia da Inovação Radical" for hypotheses to be tested quickly and to succeed, some strategies are required:
- Test more hypotheses in less time and spend less;
- Be aware that most bets will go wrong;
- Test the hypotheses in a structured and organized manner;
- Start with small bets;
- The team is more important than the project: a good team makes bad ideas have great results.
This is how we can be more innovative, researching and risking more, with fewer resources and less time.
Overview: Kill your business
Don't get confused! This title is not what you are thinking!
What Pedro Waengertner is trying to say is, if someone is going to be responsible for failing your idea, be sure for this person be yourself.
Innovative ideas can emerge at any time and make your products obsolete.
That's why your company must be prepared to anticipate or even develop these new products, because if it is destined to become obsolete, nothing better than discovering this new opportunity yourself and taking advantage of it.
Pursuing the ideas that would destroy you is part of the organizational design of radical innovation, and this is what can make your company don't be destroyed by a competitor and lose market space.
So don't let competitors take the lead and innovate more than you. Always be one step ahead.
Overview: Work with partners
We have already learned throughout this journey that innovation is not alone and that collaboration is the key. So, in addition to seeking internal help from the company, seek outside help.
This is the concept of open innovation, where it is jointly developed through partnerships.
This conjuncture is capable of reaching various audiences, involving not only other partner companies, but also customers, suppliers and even competitors. And this reaches the highest levels in the market.
Know that to be a company that innovates, it takes cooperation.
What do other authors say about it?
Eric Ries, in the book, "The Lean Startup" explains that it is important to understand the word "innovation" broadly. It can come from original scientific discoveries, a new use for existing technology, the creation of a new business model, and so on.
In the book "Disrupt You", Jay Samit says that innovative ideas have the power to transform the world and disrupt the system. For you to unleash a disruptive profile, you need to plan your goals and be susceptible to both internal and external changes.
Finally, in "Everybody Matters", the authors explain that contributors should be encouraged to innovate and try new things, even if they fail. This makes them realize that managers have full confidence in their potential and their work.
Okay, but how can I apply this to my life?
To help you implement bigger, better, and more innovative ideas, let's take a look at the Innovation Funnel, which presents some steps to scale your business and will help to apply radical innovation in your life.
- Ideation: develop an idea and model it by interviewing potential users and understanding profiles;
- Experiments: finalize the Minimum Viable Product (MVP) and conduct real tests with customers, gathering feedback;
- Product: from the experiments, develop the first version of the project and conduct more tests with customers, more concretely;
- Traction: adjust the project, allowing it to reach a larger number of customers;
- Scale: improve the project and evaluate the next steps to take as, new investments, new directions to follow, among others.
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