Forging innovation capability among your organization's emerging leaders
Innovation is a difficult, fast-paced, risky endeavor, and it’s not for the faint of heart.
Innovation Tournaments are dynamic, fast-paced, highly relevant immersive experiences for top talent groups that teach innovation by doing innovation. They were created by Stavros Michailidis at Innovation Bound and have elements of gamification, Design Thinking, entrepreneurship, and several modern innovation methodologies.
How do Innovation Tournaments work?
Our Innovation Tournaments are set up to immerse participants in a challenging process that has them developing real ideas for innovation, and putting them to the test in shark tank like presentations to their senior leaders. Learning labs and clinics are available on demand as participants race through four stages of business case development, receiving critical feedback from their senior leaders, and culminating in an optional seed investment by the organization in its top performers.
Participants begin by generating ideas for innovation, either on a clean slate or along a set of themes defined in advance. These ideas can be for incremental improvements, new product ideas, cost reduction efforts, and more. Teams form around the best ideas, and step into the next stage.
Teams craft tactics for their ideas, building the beginning of a business case. When they think they’re ready, they pitch to a panel of their leaders. If the panel decides they’re not ready to proceed, they go back to refine their tactics. If they pass, they move on to financials.
Teams focus on the financials behind their idea, learning to calculate net present value and other relevant financial metrics. Again they pitch to a panel of their senior leaders, assimilate feedback into what is now a business case, and proceed.
In stage four participants dig in to understand the risks present in their business case. They design an early experiment or set of experiments in order to minimize the costs of potential failures, and maximize learning. Innovation is never without risk, but that doesn’t mean good innovators toss prudence and wisdom to the wind. Risks can be anticipated and managed.
Building Better Business Cases for Innovation
Each stage kicks off with a learning lab focused on relevant skills for that stage. On-demand learning clinics are available as teams work to achieve the goals of each stage and progress through the tournament, learning to build business cases that thrive at your organization.
Innovation Tournaments are incredibly flexible. We are ready to tailor to your learning program's particular audience and learning objectives.