7 Levers to Boost Innovation Momentum ⦨ Navigating the Innovation Trail: Uncover 7 Levers to Boost Momentum in Scaleup Companies ⦨ Midstage Institute

7 Levers to Boost Innovation Momentum

As companies scale, it can be a challenge to keep up innovation momentum

To assess if a scaleup company is still ahead of the trail, we employ these seven levers in our FastAtScale™ Health Check.

Are you still ahead of the trail

In the dynamic realm of business scaling, maintaining innovation momentum can be a challenging endeavor. As companies grow, the need to stay ahead of the innovation curve becomes paramount. In this article, we explore the seven levers that form the foundation of our FastAtScale™ Health Check, designed to ensure that scaleup companies continue to lead the innovation trail.

Boost Innovation FastAtScale Healthcheck

  1. Are your investments balanced between the present and the future? Innovation requires a delicate balance between the present and the future. Assess if your investments are strategically distributed to address current needs while fostering long-term growth. This equilibrium is vital for sustaining innovation momentum.

  2. Is there a fair and transparent prioritization process? A fair and transparent process for prioritizing initiatives is essential. Ensure that your team understands the criteria used for prioritization, fostering a collaborative environment that empowers innovation at all levels.

  3. Are most of your investments sustaining the crown jewels? Not all investments are equal. Evaluate if the majority of your investments are directed towards sustaining and enhancing your core competencies, the “crown jewels” of your business. This targeted approach ensures a solid foundation for ongoing innovation.

  4. Are you seeing technology taking less of the pie and more investments going into the whole product such as support and training? Consider the distribution of investments between technology and the overall product, including support and training. A healthy innovation strategy allocates resources not just to technological advancements but also to the holistic development and improvement of the entire product offering.

  5. Do we have cross-functional agile teams in place? Innovation thrives in an environment that encourages collaboration and adaptability. Ensure the presence of cross-functional agile teams that can swiftly respond to evolving market demands. This team structure promotes dynamic problem-solving and innovation at a rapid pace.

  6. Are we also economizing on non core areas. Innovation isn’t just about doing more; it’s about doing more of what matters. Evaluate if your company is economizing on non-core areas, directing resources strategically toward initiatives that directly contribute to innovation and business growth.

  7. Would over 40 percent of customers, miss the product terribly, if it were no longer around? Assess the impact of your innovation by gauging customer dependency. If over 40 percent of your customers would deeply miss your product if it were no longer available, it’s a strong indicator of the innovation’s significance. Customer reliance is a tangible measure of successful innovation.

In conclusion, fostering innovation momentum requires a strategic focus on these seven levers. By addressing each aspect comprehensively, your scaleup company can not only keep pace with the industry but lead the innovation charge.

Innovation is just one of the 11 dimensions of the FastAtScale™ health check.

Take it yourself by sending an email to [email protected].