Accelerating Ideas – From the Lab to Market-Ready: How can innovators convert theoretical ideas to proven concepts and market-ready products and service? Is co-creation with clients a successful tactic?
Kieran shared 3 top takeaways from the discussion:
1. Procurement and Legal departments have rules designed to be helpful (consistency, protection, fairness) but lead to stifling innovation. This is common for many industries and especially in regulated water sectors. Innovation initiatives like an Innovation Lab and other co-creation activities are helpful here – establish the procurement rules up-front
2. Leadership and buy-in is essential for any business change and especially innovation work. Start with getting the leaders to confirm the problem that needs fixing – get agreement on that first.
3. Sadly, some clients “steal” ideas from innovators and share this with the market – to establish a lowest price. Be fair and honest with each other: set expectations on how you will behave and how you expect others to behave. Tactics such as being clear on intellectual property ownership will help establish clearer boundaries. Clients and suppliers should use the full innovation eco-system to help them; play to strengths and get help where needed