On Friday, I was provided an amazing opportunity to participate in Compendium's Innovation Summit. Under the leadership of President Frank Dale, with an idea from Blake Matheny, and with the support of founder Chris Baggott and Sales VP Scott Blezcinski, the company took a “time out” from working and, instead devoted a day to innovation.
Chris started out the initiative with the amazing story of how he failed in one business, but after identifying the problem, built another amazing company – ExactTarget.
The key to his story is that innovation isn't about the creation of something complex or cool… It's about identifying a problem and working hard to identify a solution. Within a day, 3 teams within Compendium identified 3 distinct problems their customers had:
- Creating content easier.
- Improving the quality of content.
- Improving the conversion rates on blog Calls to Action.
The teams contacted key clients, solicited their assistance, brainstormed ideas, and even predicted the overall impact on the business. I can't share the solutions – only that each one will be a huge game changer for their industry. All in a single day!
Does your company actively promote innovation like this? If you find that the day to day grind of your business is dragging your team's productivity and morale down – this may just be the right solution to re-energize your business, your employees, and solve real problems for the marketplace. No doubt that I will be incorporating this into our company!
Disclosure: I am a shareholder in Compendium, continue to help their clients, and Blake has worked on some amazing due diligence projects with DK New Media.