7/9/14

Innovation Tournaments: A New Incubator for Law Firm Creativity?

Image [cc] Vyperx1
We very often hear from bloggers on this site regarding the struggles associated with change and innovation.  Fear of failure, lack of inertia, protecting territories—all seem to be stumbling blocks that many firms face when initiating change.  It seems, however, some organizations have found a way to successfully encourage and nurture new ideas internally. 

I had the pleasure of speaking to Karl Florida, Managing Director of Small Law Firm Business Segments and Innovation Champion, at Thomson Reuters, about a new innovation program the company has instituted.

For many years (as many of us are well aware), the Thomson Reuters model has been to acquire business units and manage their growing portfolio.  More recently, the model has shifted, with a focus on knitting the units together to drive more organic growth between them. 

One way Thomson Reuters is accomplishing this is by establishing a cross-unit Innovation Task Force (ITF) and a Catalyst Fund to support new ideas.  Thomson is looking for great ideas from within and establishing a system that rewards creative thinking to further serve their business goals.  How it works is this:  On a monthly basis, ideas can be informally submitted across the company via a home-grown tracking system (no business plan is required, but there is a template to gather certain information).  There are a small number of administrators who collect the proposals and submit them to the ITF.  The ITF prioritizes the ideas, develops Proof of Concept (POCs) and sends the top 5 to a C-level suite of decision-makers. They, in turn, determine if any will move forward into the funding stage.   The appropriate business units and a business sponsor are chosen, and a prototype is created and tested in-house and in the market.  If successful, the product goes to market based on a timeline.  The entire process is tracked through each stage of the pipeline process. 

While the program is only a few months old, it is already gaining in popularity.  Some of the areas where ideas are being generated are Big Data analytics in relation to law, scientific, tax and financial sectors, data visualization tools, regulatory compliance and (wait for it), wearable tech! 

Karl tells me Thomson Reuters is finding the most opportunity in the space between units.  He compared this to the genius of a Reese’s Peanut Butter Cup.  You have chocolate, which is awesome on its own, and you also have peanut butter, equally wonderful.  But put them together, and well, then that is where the magic happens. 

While Thomson Reuter’s program appears mostly devoted to product development, law firms could certainly take advantage of this sort of model to solicit and promote ideas from within regarding client service and delivery, along with development of administrative efficiencies.  The model, along with variations, allows and in fact, encourages a small, but safe space (with funding!) to experiment with new ideas without the associated pressure and demands to be “the right” solution out of the gate.

FYI, if you want to learn more about innovation tournaments, I highly recommend the book, Innovation Tournaments:  Creating and Selecting Exceptional Opportunities, by Christian Terwiesch and Karl Ulrich (hat tip to CCH, for giving me the opportunity to see Karl Ulrich in action).  Because don’t we all need some more peanut butter cups?

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1 comments:

deborah sauer said...

Thank you for the hat tip Marlene! We were pleased to offer you and the other members of the legal community the opportunity to take part in our sponsored Karl Ulrich event on innovation tournaments. Our division and indeed all of Wolters Kluwer has for some time now used local and global innovation tournaments and other methods as a way to encourage creative thinking and foster collaborative processes among our staff with great success. And as you witnessed we actively include customers in the process. Some of our recent launches and many offerings in our pipeline were the result of these initiatives.
Wolters Kluwer rewards creative thinking across all our divisions through programs such as our annual technology conference, innovation tournaments, as well as our overall Global Innovation Awards initiative, an annual company-wide competition which has attracted great participation and interest amongst employees since it was first introduced in 2011. You can learn more about these unique programs by visiting the Innovation tab on our website at www.wolterskluwer.com.
Deborah Sauer Executive Director Strategic Communications, Wolters Kluwer Law & Business

 

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