The innovation model begins with a business portfolio map that divides your business into two distinct functions: innovation and execution. The innovation motto is “Fail fast.” The execution motto: “Failure is not an option.” The innovation function is dedicated to iterative search through experimentation to produce a pipeline of tested and validated ideas. The execution function is dedicated to the day-to-day business.
Succesful implementation requires roles overseeing innovation and execution. For example, if a chief executive officer manages the daily operation, a chief entrepreneur heads up innovation efforts. Further consideration within the innovation arm should be given to product managers and a venture finance specialist because the investment philosophy for invention is different than traditional finance.