Innovation process - Inspired by Intellectual Intelligence
Image Credit: Alexandra Sarantidi, Connecting people and data
A while ago, Pedro Do Carmo Costa a senior name within Innovation and Entrepreneurship was interviewed by the Hospitality and Retail guru Juliana Cavalcanti De Andrea for my book 'A Hotelier's Mind, setting strategy for the future'.
Below is a small fragment about the Innovation process, and get inspired by watching the full video interview here
Juliana Cavalcanti De Andrea
''Most innovation processes follow some or all of the following steps: discovery – where you identify challenges or explore new insights that can unlock innovations; ideation – when you generate ideas around these insights or challenges; elaboration – where you put some meat on the bone (i.e. you iteratively turn ideas into proposals and ventures); experimentation – when you test the assumptions behind ventures to de-risk them and, finally, scale – where you launch the new concepts to the market after adjusting them. I think hospitality can outrun other industries in two of these steps: discovery and experimentation.
Discovery is about anticipation, unlocking insights about markets, customers and technologies – which lead you to great ideas and opportunity spaces. The insights around under-leveraged assets are what led to Uber’s opportunity space. Hospitality is a face-to-face business in which customer proximity is the ideal way to observe your audience and extract signals from them. Being so close to customers and being consumers ourselves (experiencing good and bad things), you should be able to extract insights faster than anyone else can.
Pedro Do Carmo Costa
Experimentation is about de-risking. When we strongly believe in a venture or business opportunity, we need to ask what the key assumptions behind this opportunity are. What are the things that might cause this to fail? They typically relate to the benefits we deliver, our ability to deliver them and, lastly, the ways we can capture value (i.e. make money). Once identified, we have to test these assumptions before committing significant resources, through simple experiments that rapidly and cheaply confirm or deny the assumptions, assessing if the risk is manageable. Because of the nature of hotels as networks of connected physical assets, running experiments in stand-alone units is easier. Then, if tests show a venture will succeed, take it to the next phase. Not many industries have a configuration that allows this.''
Still to this date, and certainly even more so now during and after the global crisis, the process and implementation of innovation is an area for great opportunity within Hospitality. People and Data remain key to success, and it's certainly there, right under our eyes.