Getting ‘BOLD INNOVATION’ Right By Neelima Joseph & Lokesh Venkataswamy The element ‘SUPPORT’ finds relevance in the innovation management system. To manage innovation effectively, the organization should jump in and facilitate the required resources for establishing, implementing, maintaining, and continual improvement of the innovation management system. The resources come in different forms such as Time, Knowledge, Financial resources, Infrastructure, and Human resources. For effective implementation of the standard, organizations are responsible for determining, providing, and managing the right people. Organizations must identify and develop teams with diverse backgrounds, to enhance cross-pollination and leverage the collective competence of the organization (ISO 56002:2019). The element 'SUPPORT' encompasses the following sub-clauses, which are the different ways in which support could be extended:

1. Volume 23 | Issue 1
Oct - Nov 2021
“To facilitate the
implementation of
innovation and
identify innovators,
what is vital is
creating a path by
removing the
blockers and
providing the
ecosystem”.
- Alexander Osterwalder
Getting ‘BOLD INNOVATION’ Right
By Neelima Joseph & Lokesh Venkataswamy
Supporting System
The element ‘SUPPORT’ finds relevance in the innovation management system. To
manage innovation effectively, the organization should jump in and facilitate the
required resources for establishing, implementing, maintaining, and continual
improvement of the innovation management system. The resources come in
different forms such as Time, Knowledge, Financial resources, Infrastructure, and
Human resources. For effective implementation of the standard, organizations are
responsible for determining, providing, and managing the right people.
Organizations must identify and develop teams with diverse backgrounds, to
enhance cross-pollination and leverage the collective competence of the
organization (ISO 56002:2019).
The element 'SUPPORT' encompasses the following sub-clauses, which are the
different ways in which support could be extended:
To deep-dive into one of the most widely used tools for business model
generation, the business model canvas for designing and testing the business
ideas, a framework to evaluate the critical building blocks or enablers that make
up a company existing business model or develop a new business model that one
envisions to create. It consists of following nine building blocks or enablers;
1.Customer Segments
2.Customer Relationships
3.Channels
4.Value propositions
5.Key Partners
6.Key Activities
7.Key Resources
8.Cost Structure
9.Revenue Streams
1. Resources
2. Competence
3. Awareness
4. Communication
5. Documented Information
6. Tools And Methods
7. Strategic Intelligence Management
8. Intellectual Property Management
Viewpoint
Page 1

2. that allow to describe or design every business model one can envisage, the
ultimate possibilities, and thousands of alternatives. The uniqueness of the
business model is identifying the possible pieces that fit into the nine building
blocks and how each can leverage and get the job done to create a value
proposition to the different customer segments through various channels as
touchpoints from a competitive advantage standpoint.
Strategy to Execution
The business canvas allows one to sketch out to deliver value considering key
elements. The essential resources are the assets needed to provide the required
infrastructure, the critical activities involved, and the key partnerships required to
leverage the business model. And finally, the cost structure that makes the
business model work and the revenue streams from how and through which
pricing mechanisms the Business Model is capturing value. So, the entire business
model is captured in a single image to see the future picture by reflecting on those
nine building blocks. Concerning innovation management, the tool Business
Model evaluates, addresses the gap, tests the hypothesis, and optimizes the idea.
The blue ocean strategy introduced by W.C. Kim and R. Mauborgne about
navigating in the blue waters for a next business idea and dominating a market for
years to come, starting to focus on the frustrations of customers outside of the
current market space as to why they don’t like or use your existing product/service.
Then look at existing products or services within the market and try to figure out
four things that could be eliminated, reduced, raised, incorporated to create
something new and attract infrequent or absent customers by pulling these four
levers gradually to develop a product that defies the status quo and create a new
product category that will dominate. So, the focus is on making the competition
irrelevant rather than on how to beat the competition.
With the above tools, the organization could establish an approach for determining,
developing, and managing competencies to manage innovation activities, identify
insights and opportunities, create ideas and concepts, design, validate concepts,
`and develop and deploy solutions to realize value. Enabling that people involved
in the innovation activities know the vision, strategy, policy, and objectives. The
specification for all internal and external communications shall be considered
within the innovation management system. The standard ISO 56002 also requires
the organization’s innovation management system to include documented
information based on the standard's suggestions and the organization's criteria. In
addition, provide necessary tools and methods, internal processes to manage
strategic intelligence and intellectual property.
How easy things would have been if we knew if a certain, idea works or not? Well,
thanks to processes where an idea can be tested and help us have an intelligent
failure according to Rita McGrath, Innovation thought leader and Professor at
Harvard business school, failing productively into the foray of unknowns with full
of uncertainties. So, this concept provides a tolerance of failure that translates into
wider variety of experiences, trying more things, contributing to the chances of
discovering something new. Secondly, it can also be applied to leaders who are
open to shifting abilities and willing to try new things, thus opening doors for new
leaders. Finally, early failures and small bets can sometimes help determine when
it is impossible to pursue a common point of action.
Viewpoint
Create the Future
“Organizations
have habits. And
they will cling to
their habits at the
expense sometimes
of their own
survival”.
-Rita McGrath
Page 2

3. Idea to Reality
A well-known process is the lean startup changes everything by Steve Blank, an
American entrepreneur and educator say’s turning the conventional wisdom about
entrepreneurship and the fallacy of the perfect business plan, consisting of three
key principles; the first is the business model canvass. Leaders except that it is a
series of untested hypotheses, so it is about testing instead of writing an intricate
business plan.
1. Identify the user/customer to test hypotheses by reaching out to the
potential users, purchasers, and partners for feedback on all business
model elements; the emphasis is on nimbleness and speeds new
ventures rapidly assemble Minimum Viable products and immediately
elicit customer feedback.
2. Using those customer's insights to test, tweak and iterate the offerings
hand in hand with customer problems.
3. Agile development is about co-creating with customer; unlike typical
product development methods that presuppose knowledge of
customers problems and product needs, agile development eliminates
un-productive time and resources by developing the product iteratively
and incrementally it's the process by which startups create the
Minimum Viable Product that is passing to the test. All these favors
experimentation and iterative design make the process of starting a
company less risky.
Closely related to the above approach is such as ‘Design Thinking’, it is to visualize
by taking a vision of the future and creating a space that allows people to live into
that future. The premise of this strategy is to inspire people and bring their designer
mindset or artists in them and help them in a much more systematic way to be
creative—a missing toolkit from the business world that supplemented traditional
analytical tools that optimized for uncertainty.
The element ‘Processes’ is about the requirements relevant to the planning,
implementing, and controlling of the innovation initiatives and processes. To
conclude the operation is the 'DO' part of the Plan Do Check Act (PDCA) cycle with
a right support system. The included sub-clauses are:
• Operational Planning and Control
• Innovation Initiatives
• Innovation Process
**********
Page 3
“The greatest risk
is not the
development of new
products, but the
development of new
customers and
markets”.
-Steve Blank
Viewpoint
Create the Future

4. Authors
Neelima Joseph
Professional Innovation Management Specialist, Sweden
Lokesh Venkataswamy
Design Thinker, CEO & Managing Director, India
About Innomantra
Innomantra is a leading Digital, Innovation, and Intellectual property management consulting and services
firm. It helps organizations to design and achieve their digital strategy from idea to implementation,
Innovation Management Systems, and Intellectual property goals by enhancing culture for amplified efficiency
and exponential growth.Innovation3x and Discover Design Thinking describe the philosophy which it believes
in, that innovative organizations must identify innovation goals that seek to achieve a 3x and beyond to boost
their performance. Innomantra's signature three-fold approach to innovation that looks at overall business
strategy, people, and functional systems in a digital ecosystem is globally recognized. Innomantra has a wide
range of 50+ clients range from small and medium businesses to Fortune Global 500 organizations. It has a
strategic alliance with global leaders in Digital and Innovation. Innomantra is headquartered in Bengaluru,
India, and has a global presence.
Innomantra Consulting Private Limited
Level 9, Raheja Towers
Mahatma Gandhi Road, Bengaluru - 560 001, India
Mobile: +91 98452 72555
+91 080 41253444
contact@innomantra.com
www.innomantra.com
Bangalore / Mysore / Colombo / Chicago / Hong Kong / Troy / Zurich
2021© Innomantra Consulting Private Limi
Page 4
Viewpoint
Create the Future