Idea centric approach:
- Develop a process
- Build a cross-functional team
- Assign a project manager
- Get executives to say how important this is
- Pay token prize for new ideas
- Start innovating
- Hand ideas to existing GM’s/Product Managers and say “go”
Entrepreneur centric approach:
- Develop a culture that supports critical thinking and entrepreneurship
- Assign pool of funding for new growth initiatives (that can’t be taken away)
- Create incentive structures for entrepreneurs that reward smart risk taking
- Provide air cover and support for entrepreneurs (ok to ask for forgiveness on breaking some glass)
- Celebrate successes and learnings from failures