Because the practice of Innovation is still in its high-growth formative years, there are usually only two kinds of corporate innovation practitioners outside of the service-provider realm: those who have never implemented an innovation process before and those that have but failed in their attempt.

Either way, the need for knowledge, benchmarks, guidance and support are paramount. There is a process rigor that needs to be in place in order to service the innovation program’s administration, tasking and associated activities – it’s an investment that just simply needs to be made if one wants to get things right. To get going quickly, the first steps ironically is backward. The old adage of taking one step back in order to take two forward is an absolute must. Process design and organizational preparedness are critical success factors in getting it right – having the software and getting ideas should be the last two steps – everything in between and thereafter matters a whole lot too; because that’s where the process actually does the work of mobilizing (collaboration) and actualizing (decision-making, implementing and monetizing).

The risks of getting things wrong in the case of innovation programs extend far beyond the obvious; sure the financial ramifications of launching an unsuccessful program will have an immediate impact, but more significant than that is the longer-term image damage that a visible flop can engender – the hangover can last many years and any repeat attempt will have a small army of “Doubting Thomases” spreading the seeds of doubt from the first whiff of a re-launch. This negative promotion can permeate the organization and take-on a life of its own: “ignore it long enough and this program will eventually go away too”. Another latent by-product is confidence in management’s ability and commitment to do innovation. If the cornerstones for success weren’t visibly there for the first go-around (and don’t think the rank-and-file don’t know what those are), it will start any new attempt on the steep side on an incline, fighting for its life from Day 1.

If given the chance, one could come-up with a dozen reasons why not to do innovation now – such as economic pressures. But the current economic situation is more than just a downturn; it is a global re-alignment of power on a macro and micro scale. It is either an amazing opportunity to leap ahead for the visionaries, or an insidious death knell for the meek. With the tightening of credit, the abundant liquidity that so many firms used to grow via acquisition during boom-times has dried-up or become prohibitively expensive. The best option today is to grow organically; and to do this successfully without breaking one’s current flow, a sound innovation process is the key.