Innovation that sticks is purposed-driven – led by someone on a mission to do good for others. It doesn’t matter if the innovation succeeds on its own or leads to another innovation by someone else that does succeed. What matters is that the innovator is committed to a cause and is compelled to innovate to overcome a barrier keeping people from realizing their purpose.
At the most recent CEO Connection mid market convention, MasterCard Labs’ John Sheldon took us through the company’s innovation track record. Sheldon closed his presentation with some prescriptions for what you can do:
- Own and rigorously defend your innovation agenda.
- Build innovation muscle through repetition
- Make space – isolate and focus
- Trust your employees – they will surprise you
- Try a lot of things, but fail smart
- Do well by doing good