In today’s episode of the Idea to Value Podcast, we speak with Tendayi Viki on what exactly “Lean Innovation” is.

Tendayi is a popular innovation and strategy consultant and is one of the authors behind the recently released book “The Corporate Startup”, which helps large companies understand all of the underlying mechanisms behind lean innovation to bring down the costs and risks of running innovation projects.

Things we discuss in today’s episode:

  • What lean innovation is, “Doing the right things at the right time” (02:30)
  • The dangers of premature scaling (03:45)
  • The main hurdles to implementing Lean Innovation, and how startups handle it more effectively than large companies (05:00)
  • How to build organisational capabilities needed for Lean Innovation (07:00)
  • In his view, innovation is the combination of creative ideas with sustainably profitable business models (07:45)
  • How the Lean Product Lifecycle can help companies release funds for innovation projects incrementally and more effectively (09:00)
  • The difference between startups and established companies (11:30)
  • Thinking about your portfolio of products and projects (12:30)
  • How to divide your resources and budget across a portfolio of innovation projects (13:30)
  • Why large companies do not let their projects fail (15:30)
  • How to make multiple small investments to validate ideas through experiments (16:00)
  • Getting more people involved in innovation (18:00)
  • The problem with most innovation labs (19:30)
  • How you can spot a bad idea (21:00)
  • The tension between MBAs and Creatives within companies (21:30)

Links mentioned in today’s episode:

Bonus:

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Nick Skillicorn

Chief Editor, Founder & CEO at Improvides Innovation Consulting
Creativity & Innovation expert: I help individuals and companies build their creativity and innovation capabilities, so you can develop the next breakthrough idea which customers love. Chief Editor of Ideatovalue.com and Founder / CEO of Improvides Innovation Consulting. Coach / Speaker / Author / TEDx Speaker / Voted as one of the most influential innovation bloggers.