What is the Innovation Formula ?

An Innovation Formula, does it exist ?

Another great takeaway from our visit at The Vault with Bill O’Connor during this Retail Learning Expedition organized by RealChange for Google Cloud France.

We all know E=MC² formula from Albert Einstein, but is there any magic formula for innovation? All of us we say that we are innovating for our companies but what does it mean really? What are we really doing to create innovation?

Bill told us that 80% of the value we generate is from only 20% of what we do every day. 80% of our working time is spent on just “Activities” not generating any value for our companies. Even if most of us are saying that we have an innovation strategy, he told that that in reality we don’t unless we spend 10% of our time every week working or brainstorming only about innovation.

So what could be the Innovation Formula?
Bill came out with something very simple: I=MT²
We know that “I” is for innovation, but what could be MT²?

Remember that Bill is telling us that we have to spend time on innovation every week. If it is not booked in our calendar we are not innovating at all !

So MT² means “MEETING EVERY TUESDAY AT TEN”
Setting up a recurrent meeting in your diary is the first start to create a REAL innovation strategy and not just having some activities around innovation that will never create any innovative product that will have a significant impact.

Simple, Easy to Remember, Fast to implement

Just do it now !