3 Problems with “Speed” in Innovation.

3 Problems with “Speed” in Innovation.

Darrell Velegol, PhD

2024may22

Speed is very important in innovation. The less the time from the conception of an idea to market launch, the greater the value to customers and profits to your company. However, in my experience, there are challenges to increasing speed, if it’s done in the wrong way. Here are three cautions:

1. Cutting corners. If by increasing speed you mean “cutting corners”, that’s going to introduce risk into your product or service down the road, and will likely cost you (and your customer!) more than you gain.

2. Low value projects. If you are increasing speed by avoiding high-value projects that might take longer, you are again leaving value and profit on the table. In this case you are focusing only on “sure wins”, and leaving higher value but less sure projects out of your portfolio.

3. Human burnout. If you are increasing speed by driving your innovators harder, rather than by improving the processes and tools used to increase innovation speed, then you are simply getting a short term win at the expense of long term success. Your people cannot and will not sprint forever.

You CAN increase speed with full quality, and to do so you need better processes and tools. I’d love to help -- please contact me! You likely have 90% or more of what you need, and might just need a few small improvements.