Making the case for Social Based Innovation

I’ve been discussion many concepts relating to innovation over the last few years. But kept the development of our new approach under wraps as we are testing some of the constructs. So, let me give you a sniplet of what’s been going on.

Working globally with financial services, manufacturing, and other services firms we discovered some interesting concepts in innovation. You would’ve noticed that I have a number of posts on social networking (the hot topic of the day I guess), and other social related phenomena. All these contribute partly to the concept of Social Based Innovation.

The initial definition is:
Social Based Innovation is the ability to influence social actions in such a way, that benefit is obtained by the social group in its tribal setting, behaving in a way that value is captured by the collective.

Social Based Innovation websiteShadow organizations as they are called, refer to the social interactions that happen outside of the formal structures as defined by leadership. These shadows are often overlooked as sources of value and not nurtured. Social Based Innovation as an approach is used to capture value holistically by allowing all dimensions of the community to interact. This drives the tribal approach where common beliefs and ideas are developed even if these are from customers, employees, competitors, or other traditional constructs. Crowdsourcing, Co-production, crowd spirit, etc are concepts that try to capture the emerging world of social mobilization. Leveraging communities as crowds that influence your innovation mandate has become a new topic of discussion.

Some notes on where reward systems (check out McKinsey&Company’s And the winner is… paper) and Social Based Innovation intersect:
– Identify excellence through social rating approach and tribal acceptance and co-development of ideas and innovations.
– Influence public perception by exposing a wider community to rewards for great ideas and innovations.
– Focus a community by getting the entire social group involved in collective activity for common purpose without the traditional organizational boundaries.
– Identify and mobilize new talent by allowing individuals to have creative freedom during idea development and guidance through implementation.
– Strengthen the community by getting tribes actively involved in problem solving.
– Educate and improve skills by getting champions of innovation to emerge based on their attitudinal and aptitude towards innovation. These people can then assist others in achieving more in the network.
– Mobilize capital once the strategic intent of the campaign and involvement of the formal and social structures have delivered a verdict.

Is innovation as a discipline evolving faster than before due to the effects of social networking?