Picking up with our Best of Killer Innovation Series, we delve deeper into the art of making ideas reality by following a proper execution plan.
In this episode, we wrap up a series of shows we did on the innovation framework known as FIRE. We will discuss the part of the innovation framework known as execution. Execution is composed of making your best ideas into something tangible.
Execution
I have used the FIRE (Focus, Ideation, Ranking, Execution) framework for over 20 years, and thousands of organizations use it.
- Focus is defining where your problem area is.
- Ideation is the process of creating ideas to address your problem areas. The process consists of individual and team ideation, which, when combined, generates 30% more ideas than when done individually.
- Ranking is where you prioritize your ideas. This process is through dot/wow voting and criteria ranking.
- Execution, the last element of the FIRE framework, is how one turns ideas into innovation—done through two phases: testing and validation and launching the MVP (Minimum viable product). Execution is not easy. 92% of CEOs say innovation is critical to their organization, but only 35% have confidence in executing these ideas.
What to Expect
In my opinion, innovation consists of ideas made real. I constantly repeat one quote: “Ideas without execution are a hobby, and I'm not in the hobby business.” At this point, you've ranked your ideas, but need to figure out how to make these ideas a real innovation. Going into this, you won't know all of the answers. Expect a very messy process because there might not be a clear path from point A to point B.
It would help if you were adaptable and ready to learn things. It would be best if you innovated around the idea frequently. Be okay with an unexpected outcome, as the process is an experiment. Innovation projects have to be measured differently than a typical product development project. One of the measurements of success is learning throughout the process. Stay away from innovation antibodies. Innovation causes conflict, prompting these antibodies to come out. These include ego response (stepping on someone's toes), fatigue (people who have tried and failed at it before), no risk response (CFO or legal counsel), and comfort response (we don't need to change).
Steps of Execution
The first step to making an idea real is creating the pitch. The pitch is your way of telling the story around your idea, also known as strategic storytelling. The key is to tell your idea's story so that others see what life will be like when your idea is delivered.
The second step is to create the funnel. There are four funnel gates: market validation, customer validation, limited launch, and global launch. The key here is to convey that not all ideas will go forward.
- Market validation is where you ask if the problem exists. One way to do this is through gorilla idea validation. Talk to people you don't know to get brutally honest feedback rather than people you know who might tell you what you want to hear.
- Customer validation is where you see if your idea solves the customer's problem.
I use the Michelle test. I would take a product we built at HP, bring it home, and leave it on the counter for my wife. She would take it out of the box and use it, giving it her honest evaluation. Because my wife is not a technology person, I would receive some solid feedback from a different perspective.
- A limited launch is where you launch in a limited space. I use the buy test to build and advertise a product, putting it into retail stores like a launch. When people try to buy it, you give it to them for free in return for their feedback.
- Global launch is where you put your pedal to the metal and push the product out. At this point, you've gone through all of the steps and should have confidence in your product's success.
Making Ideas: Reality
This week's show focused on taking all of your ideas and making them a reality. Many innovators have great ideas but struggle to find funding. There could be an issue with their pitch. Learn and readjust the pitch and understand all the elements that go into it.
When Steve Jobs and Apple worked on the iPhone, the product was ready three years before the launch. They knew they needed to wait for a faster processor and another generation of touch screens. They had the discipline and patience to stay, which paid off in the long run.
I used the lean canvas to help my team stay on track and focused. The innovation lean canvas is in place of a typical plan. It is an overview of the critical areas at a glance, which frequently updates as the product evolves.
Check out the Disruptive Ideation Workshop here to teach your team the FIRE framework.
If you are interested in learning more about execution or want information from previous shows, check out all the free downloadable material I put together here.
To learn more about the art of making ideas reality, listen to this week's show: The Best of Killer Innovations: The Art of Making Ideas Reality.
Subscribe: RSS
Please note: I reserve the right to delete comments that are offensive or off-topic.