Internal innovation is a clear hallmark of successful mid-market companies. Here are some ideas on how CEOs can boost their companies’ R&D quotient.
1. Success can be found close to home. Of total middle-market innovation investment, 42% is devoted to projects aimed at existing markets and deploying existing knowledge, according to the National Center for the Middle Market (NCMM). These initiatives typically produce comparable payoffs to riskier ventures.
2. Consider adventurous projects. Focus part of your resources at “out there” targets that will aim at unfamiliar markets or employ new knowledge. The fastest-growing middle-market companies reach that status in part by being good at blue-sky R&D efforts.
“excellent companies, large and mid-market, have monetization people in their R&D teams from Day One.”
3. Optimize your resources. If a company is going to depend on its own innovation, CEOs must make the most of who and what they’ve got. That means encouraging cross-departmental interaction, not just relying on a distinct R&D team, as well as strong engagement by senior leaders including top marketing and IT executives, the NCMM advises.
4. Build up an infrastructure. While encouraging innovation from all over the company, chiefs should ensure that there are formal processes in place for generating, selecting and implementing innovative ideas—though not so formal the inventiveness is stifled, according to the NCMM.
5. Cull quickly. Being smart with R&D resources means recognizing—and jettisoning—losing ideas quickly.
6. Think early about monetization. “The excellent companies, large and mid-market, have monetization people in their R&D teams exactly from Day One,” says Georg Tacke, co-CEO of Simon-Kucher & Partners consultants.
7. Be open to new ownership influences. One advantage of the surge in private-equity investments in mid-market companies is that they often bring general management experience and domain-specific expertise to their investments, which in turn can boost R&D and innovation at the company, says Doug Farren, managing director of the NCMM.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
