Hitting the Innovation Accelerator

If you aren’t happy with your company´s degree of innovation, the time to act is now
July 2018

If you are not satisfied with the level of innovation within your company, congratulations, you are reading the right post. It’s important to not feel alone or too special, there are many companies, big and small, which have not yet adopted the most appropriate innovation system for them. If you do not believe me, please read these briefs that we have received from different companies in recent years:

· Our success rate in innovation is very low. We invest a lot in screenings and quantitative testing of concepts, but frankly, I don’t believe them. Can you help us accelerate our success rate? How do we make our teams move from having a 'test mentality' to a 'culture of learning'?

· I can’t let sales people make me waste my time with some “groundbreaking ideas” for new products to develop what this or that retailer asks for. I need opportunities
to be evaluated according to clear parameters. Can you help us put order, reduce arbitrariness and ensure that our launches are 100% connected with unresolved needs of the consumer?

· Our strategic plan requires us to grow 30% in three years and for this we need to accelerate the “time-to-market” of our launches. Can you help me implement a more agile innovation system?

· I've played golf with other CEOs, my friends, and hey, they're all doing things with startups, that's fashionable. But look, I'm not stupid, how do we build something powerful with startups that will really assist me to explore strategic options? What are my options? How do I work with startups without throwing away money?

· We have a CEO who always talks about innovation, but innovation is generated in various ways within the company, but all without any coherence. Everyone understands a different thing and fights to apply it in their own way. How can we design a language and an organizational model that clarifies our levels of ambition? What do you recommend we do for us to collaborate more with each other? And to work with external agents?

· We have done very well over the years responding to demands from our best customers, but now they are demanding that we act as partners and be much more proactive in the development of new products. Where do I begin?

· We base our work on inspiration, but it´s not consistent. We should already be working on the 2020 launches but I do not have the systems or the people thinking about it, I have no hands. Can you act as 'innovation boosters' where we fall short on time and resources?

· We are good at launching new products close to the core of our business. How do we approach the most radical innovation?

The design of innovation systems is a complex task, since it addresses varied and sometimes very transversal aspects: strategy, organizational models, internal culture, work processes, resources and methodologies. Over the past few years, at Lantern we have helped various companies to think about the most appropriate innovation system for their business objectives. A good example is Pescanova, where we have helped design a process that is already seeing tangible results.

You can read more about how we helped Pescanova succeed here. If you think your company has the potential to innovate better and faster, we would love to hear from you and help your ideas reach their

Jaime Martín
Founding partner & CEO