It is a common notion to attribute innovation or being innovative to personal attribute or traits of individuals in the working environment. Many even subscribe to the thought of innovation and creativity being unpredictable and unharness-able.
The former executive chairman of Google and a silicon valley icon Eric Schmidt has recently shared a principle by Google co-founder Sergey Brin. this principle has pushed google down the path of one innovative idea to another
The 70-20-10 principle
This principle by Sergey Brin is more of a strategy/formation for keeping up with current status and developing new products. The idea here is to have a break down of all the resources in your possession i.e. financial, human, etc. into 70%-20%-10%.
70% of your entire resources will be devoted to maintaining current products/service that are pushing the market. 20% will be engaged with newer products and ideas that are a sure success and can be easily achieved. While the last 10% are on Outrageously wild bets.
Yes, this works but its application in every organization/industry differs. As such we at KloverHarris limited has identified the “Major” areas to focus on below.
Give the opportunity for employees to pitch their ideas of new products or services. Even if it is not related to the company ideology, encourage them by investing in their ideas. Hearing employees pitch will aid you to have an insight into their ambitions, goals. Most of all as the employer, you get to see their abilities and creativity.
Incentives for progress/ideas
It takes a creative/innovative worker to believe in themselves enough to sharpen their own skills. Knowing your goals and industry in and out, these set of workers will be the ones to see new opportunities. Organize workshops, seminars, training sessions, investing in your employees is investing in your business.
Parameters for measurement
Measurement is not just for success or failure. It is also for how far we have come and are we where we should be? Thus, it is expedient that at the center of your measurement means, is the goal and objective of the company. Another important use of measurement is to measure new ideas.
In the long run, as much as you want new ideas, you can not discard that which has kept the company running. Neither can you focus more on existing products. This is why the 70-20-10 principle is advantageous to every business. With each proportion, the right resources will be attributed to all sorts of products, i.e. new, old, unachievable. With this principle in their armory, it is no wonder google keeps wowing the world with new products after the other