What is idea execution?
Idea execution is one of the most important parts of the innovation process since it focused on the action-part of innovation, i.e., carrying out an idea. As Steve Jobs once said: “Ideas are worth nothing…unless executed; they are just a multiplier. Execution is worth millions.”
Idea execution, when done right, aims to prevent a ‘mailbox approach’ that often exists in large companies. While in such an approach the employees might submit their ideas, these are very often not brought to fruition since they remain unexecuted.
To get started, it is important to find a problem worth solving, and determine the willingness of customers to pay for it. Only then, can you focus on executing the idea.
The three success factors of idea execution are:
- Methodology: Employing a methodology that is focused on idea execution and data-driven validation
- Ownership: Instilling ownership in the ideator, by helping them to become the CEO of their own idea.
- Support: Supporting the innovator throughout the process, through internal and external partners, coaches etc.
What is the difference between idea execution and innovation management?
1. Active vs Passive Approach
Idea management is characterized by being a much more passive approach to innovation that focusses more on the actual process followed. Idea execution on the other hand, is an active approach that ultimately focuses on carrying the idea through, from start to finish – hence focusing more on execution.
2. Customer-centric vs non customer-centric
When following an idea execution process, the success or failure of an idea depends entirely on the potential market and customers that have been defined. It is thus a customer-centric approach as opposed to a non-customer-centric one, like innovation management.
3. Every idea gets a fair chance vs. dead ideas
In idea management, ideas often get rejected based solely on the opinions of business unit leaders or executives. These are called 'dead ideas'. When following an idea execution-based approach, every idea gets a fair chance. This means that employees are given an adequate, yet realistic time frame during which they can evaluate and test their ideas as well as the appropriate tools to help them validate.
4. Killing off bad ideas early vs. Zombie ideas
This is not in contrast to Point Number 3, since killing off bad ideas early involves making an informed decision early on in the process based on initial information collected and the feedback obtained from the market, with regards to an idea. In that way, companies avoid having ‘zombie ideas’ (i.e., ideas that should have been dead long ago., roam around and still use up certain resources.) Putting a stop to an idea early enough in the process, also means that no unnecessary resources will be wasted in desperately trying to keep the idea alive.
Why is idea execution an important part of the innovation process?
1. Shifts the focus
Idea execution puts focus on the doing, instead of the thinking and waiting. The idea givers are encouraged to get out, test their idea, fail, and learn from it! While we tend to get caught up sometimes, whether it be in the formalities of things or the processes that are in place, idea execution thus shifts the focus.
2. Encourages ownership
Idea execution puts focus on the doing, instead of the thinking and waiting. The idea givers are encouraged to get out, test their idea, fail, and learn from it! While we tend to get caught up sometimes, whether it be in the formalities of things or the processes that are in place, idea execution thus shifts the focus.
3. Drives cultural transformation
Idea execution is a tool to bring about cultural transformation, since only in the execution phase upskilling takes place, which can lead to a change in company culture from the bottom up.
4. Normalizes failing
An error culture is important to cultivate in a company. Instead of continuously striving for perfection, it is crucial to get people used to failing and learning from their failures. Our motto is ‘Fail fast, fail cheap, fail often, and learn from it.’
5. Helps to discard bad ideas early
You start executing ideas early, to figure out if they will work or not. This allows you to ‘kill’ ideas early to make it much cheaper in the long run.6. Gives purpose and direction
Executing an idea can give it purpose and direction since the innovator is actively pursuing the idea.How do you know which ideas to execute?
While it is difficult to determine which ideas to execute and which ones to discard, there are a few tips which you can use to make sure that only the best ideas are pursued:
- Data beats opinion: It is important to base a decision about an idea on actual data and evidence obtained from the market or customers.
- Innovation is not a beauty contest: Remember that innovation should not be a case of blind betting where winners are just picked randomly.
- Kill off ideas early: Out of 1000s of ideas you need to pick the right ones to focus on by killing worthless ideas off early. Focus on filling the funnel with as many ideas as possible and then sift through these to determine the valuable ones.
You can watch this webinar to find out ways in which you can determine whether an idea will also prove successful in the long run.
