Selecting areas for innovation

Organizations’ resources are not infinite, and this limitation prevents individuals and organizations from implementing every idea. So, managers need to place their best bets because they have consequences in business operations. The selection process is not entirely the same for start-ups and established firms. In a start-up, stakeholders only get one single bet. In that case, all the resources the business owns. Managers must choose wisely and increase their chances of succeeding. It is not just choosing one project in established organizations, and it’s choosing amongst many possibilities, many competing projects. And the big challenge is getting a balanced portfolio. What the management team need is strategic selection, not just choosing one good thing to do. u00a0It is more of making sure that the choice fits with business competencies, capabilities, and futuristic tactics that keep the business relevant and sustainable.

In the selection process, the breaking an egg principle applies. While targeting to make most stakeholders’ choices, managers in the selection team also recognize that every option is a risk and has separate reward packages (Sandmann, King, & Ford, 2006). This assertion is a reminder that many, things will fail, will not always work, and every choice incorporates an element of risk. Albeit the uncertainty of the outcome of a manager’s selection, leaders must understand the risk involved and offer a workable risk management plan.

The main objective of the selection stage is moving managers from sheer gambling to risk management. The theory at work is that when stakeholders think over time and move through a project, the uncertainty decreases. u00a0Managers learn about what does and does not work. Getting to the point of understanding what works cost the organization in terms of our resources. It makes a lot of sense to shift that thought to the front end.

The selection process begins with a simple qualitative approach, a checklist of what has occurred, what can happen, and what is likely to take the course. Another method involves assessing the return on investment. Return on investment is a question: ‘ does the business bring back more or return than what the company put in?’ In this logic, if the metrics in the entire investment are profitable, then managers have the indicator to consider the investment. A suggestion of loss is the first indicator to reject the investment. On rare occasions, managers may have reasons to choose a low return on investment. Be that as it may, it is a good starting point to say if there is not a sufficient return, then reject the project.

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Emmanuel Addo
Founder
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Emmanuel Addo is the founder of the Young Global Leaders Network, an international non-governmental organization registered in six (6) countries namely, Ghana, United Kingdom, Nigeria, Sierra Leone, Democratic Republic of Congo, and South Sudan and has a membership strength of over 15,000 young black professionals, students, graduates, and aspiring leaders.

The organization also operates in 25 other African countries. Emmanuel also doubles as the chief convener and founder of the Young African Leaders Summit, one of the largest continental youth summits in Africa.  

Currently works at Kingston University as a Business Engagement Team Member in their Partnerships and Engagement Department. 

He characterizes energy, integrity, result-oriented, and ground-breaking service in each detail of strategic management, change management, stakeholder management, and leadership acquaintances.
Emmanuel owns a core background in Sociology and Psychology from the University of Ghana.

Leveraging his experience as a youth activist and a dynamic young man, Emmanuel founded the Young Global Leaders Network, a youth organization that comprises young diplomats, young politicians, and aspiring politicians, business/entrepreneurial business leaders with the aim of championing a mutual agenda for the African youth and promoting youth participation in governance as well as promoting entrepreneurial culture.
Emmanuel nurtures an environment of teamwork and has expertise in data collection and analysis as well as both quantitative and qualitative methods.

Emmanuel worked as an Associate Lecturer at the London College of Advanced Management where he delivered a wide range of business management courses that involved principles of marketing, leadership, operation management, and research methods. Emmanuel has always maintained high teaching and learning standards to ensure that his students’ stand out in academic achievements and successful progression. As a stout believer and passionate key player in volunteering; Emmanuel creates quality time to giving back gladly to his community what he has learned and to educate individuals with free consultancy on career development. He is a leader anyone would love to look up to and with great integrity, commitment, and passion to make the world a better place.
Emmanuel worked as Qualifications Manager at the Open University in the UK.

Emmanuel is also the founder of Kickstart Innovation Hub Ltd, the entrepreneurial hub of Young Global Leaders Network.