"Ditch the Startup Mentality and Adopt a Venture Capitalist Mindset"

The suggestion in this KelloggInsight article is that when being told to innovate, rather than turning the culture of your organization into a start-up, use the venture capital model to look at the data for areas where you can take big risks and get big rewards.

Strategic planning requires you form a baseline of a risk-reward balance and use this to determine which of your portfolio of options are a suitable investment. To effectively implement this, you must engage the knowledge and expertise that exists at all levels within the organization, not only for a better understanding but also to gain commitment.

This highlights a few key points about decision-making

  1. A broad range of options gives a better range of outcomes.
  2. Evaluation criterion should be known and set out ahead of time.
  3. Engagement and commitment from the workforce should be secured before implementation

If you are curious about the level of untapped innovation potential in your organization, call 248-781-0150 or email info@c-link.consulting for a free consultation.

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