IntroBg IntroBg IntroBg IntroBg
WELCOME TO FORMULA INNOVATION

Formula Innovation provide consultancy services to organisations
helping them understand Innovation.

ABOUT INNOVATION

Taking exemplars from Formula 1 Motorsport we have created a common language of Innovation thinking.
Working with organisations from global FMCG to the smallest SME, our framework provides quantification of the innovation process.
Please explore our site to understand how we came about with our Formula for Innovation.

What is Innovation? How to strategically embrace it? please explore below.

DEFINITION
COMPONENTS
DIRECTIONS
CULTURE
STRATEGY
Definitions of Innovation

Innovation is the most over used word buzzword in society today.
Politicians demand it of businesses, Senior Management demand it of their staff, and tell their investors that they are good at it.
But what really is Innovation? just another buzz word like "Synergy"?
Formula Innovation's definition was derived from years of working with clients on Innovation issues.
We believe that: "Innovation in the commercialization, not the creation, of new ideas"
Our Infographic on the "Definitions of Innovation" takes an often humorous look at different people's perspectives on Innovation.

DEFINITION
COMPONENTS
DIRECTIONS
CULTURE
STRATEGY
Components of Innovation

Innovation is often seen as a process that organizations follow in a sequential manner.
People talk about funnels and pipelines and "ideation".
Formula Innovation talk about a managed Strategy of Innovation, transparent to all stakeholders, clear, succinct.
Over the years different people have come up with different "Components of Innovation".
We have compiled a list of the Components and other people's definitions of how these Components work together.
You are invited to explore the Components of Innovation through our Infographic presentation.

DEFINITION
COMPONENTS
DIRECTIONS
CULTURE
STRATEGY
Directions of Innovation

Innovation can take a business in many directions.
Collaborative working through Open Innovation may fit some organizations, whilst Closed wall Innovation may suit others.
The "Directions" Innovation can take your organization in need to be understood prior to defining an Innovation Strategy.
Formula Innovation's Compass of Innovation was developed over years of working with clients on different Innovation directions.
The Compass explains the Directions and the effects that undertaking such strategies will have on a business.
We invite you to explore the Directions of Innovation through our Infographic presentation.

DEFINITION
COMPONENTS
DIRECTIONS
CULTURE
STRATEGY
Culture of Innovation

New start-ups exhibit different Innovation Culture to established market leaders.
Pool Tables, Dress-down days and Duvet Days have replaced Time-Sheets, Bowler Hats and the Tea Lady.
The Culture that exists within your organization fuels your Knowledge Assets, these are the backbone to your ideas for Innovation. It's not just about creating new ideas, it is how acceptable these ideas are to your Culture.
Over the last 5 years Formula Innovation have been working with organizations to establish how Culture affects Innovation.
Formula Innovation have developed their own mechanisms to enhance Innovation Culture. Our research into Culture has shown it to be the biggest single enabler of Innovation.
Review our Culture of Innovation Infographic here to understand how it can help or hinder the organizations' Innovation ambition.

DEFINITION
COMPONENTS
DIRECTIONS
CULTURE
STRATEGY
Strategy of Innovation

The Organization's Innovation Strategy defines how to play in tomorrow's markets.
It is the single most important document an organization can produce.
It is the road-map, the blueprint, the statement of intent, that management will be judged by their ability to adhere to.
Just changing the logo is not Innovation, incremental improvement is not Innovation.
A strategy for Innovation needs to address Knowledge Assets, Strengths, Weaknesses, Culture and Ambition.
Formula Innovation have bought together all these entities into one new strategy.

CONSULTANCY

Formula Innovation provide bespoke Innovation Consultancy Services.

We specialise in Innovation Strategy, working with clients to establish their own Corporate ‘Formula for Innovation’.

Using exemplars from Formula1, coupled with our unique Innovation Framework, we work with organizations,
to create a common language for their Innovation.

This has the effect that the entire organization from Shareholders to the Shop Floor may understand the organizations’ Innovation ambition.

By unifying the organization, we work to create a new culture of Innovation.

Finally we have a means to Quantify and Qualify Innovation, providing an insight into the future potential of your Innovation.

We developed a Formula for Innovation, which allows our client’s to bespoke their own Formula.

We are Formula Innovation.

 

CONTACT US

SEND MESSAGE
ADDRESS Formula Innovation
4 & 5 The Cedars
Apex12
Old Ipswich Road
Colchester, Essex
CO7 7QR
TELEPHONE & EMAIL Tel +44 (0) 1206 209 039 Fax +44 (0) 1206 710 364 enquires@formulainnovation.com

DOWNLOADS

Papers:
Formula Innovation Whitepaper on Innovation 2014 – Available in PDF

Explanatory Diagrams:
The Innovation Underground – 2014 – Available in PDF
Formula1 Innovation Cycle – 2014 – Available in PDF

Info-graphics:
Definitions of Innovation – Large JPEG
Components of Innovation – Large JPEG
Directions of Innovation – Large JPEG
Culture of Innovation – Large JPEG
Strategy of Innovation – Large JPEG

Videos
Innovation Pinball – Do you bounce the ball around your organization? Available in WMV & FLV (Coming Soon)
Continuous Improvement or Continuous Innovation? – A look at how radical Innovation succeeds. Available in WMV and FLV (Coming Soon)

Directions of Innovation Series
Open Innovation example – Available in WMV/FLV (Coming Soon)
Closed Innovation example - Available in WMV/FLV (Coming Soon)
Push Innovation example - Available in WMV/FLV (Coming Soon)
Pull Innovation example - Available in WMV/FLV (Coming Soon)

All images, documents, info-graphics are Copyright of Formula Innovation.

© 2014 formula Innovation. All Rights Reserved.