Innovation storytelling helps capture people’s attention and connect with them on an emotional level. This connection is what allows you to get your message across in a way that is both memorable and meaningful, leading to lasting change.

In an organization storytelling can help build an innovation culture, inspiring people to ideate and take action. Additionally, it can help create a sense of community and collaboration. Storytelling can also attract support such as funding or partnerships. There are two types of storytelling: origin stories and innovation stories. An origin story typically tells the story of how a company or product came to be, while an innovation story focuses on a specific new idea or invention. 

At Techtrend, innovation storytelling is an integral part of the innovation process. Teams use storytelling to prototype and test new ideas with customers and users, and to communicate innovation results internally. As a result, people get excited and are more likely to be committed to the innovation’s success. 

7 Tips for Successful Innovation Storytelling

1.     Finding a great story that highlights the innovation

Identify key points of the story and write in a way that hooks readers from beginning to end. 

2.     Make sure the story is interesting and engaging

To do this, you need to find an interesting story that highlights the innovation and is done so authentically. 

3.     Communicating the story clearly and concisely

To do this, you must understand the different elements that make up the story. Present drafts, early versions, and the final draft to test audiences, colleagues, and friends, to collect feedback. 

4.     Make sure the story is relevant to your audience

To keep things relevant, you must understand the audience’s interests, concerns, fears, and hopes. Once you know that, you can frame the story in a relevant and interesting way. 

5.     Create authentic stories

Authentic storytelling needs to be true to the storyteller’s or audience’s current and future experiences. 

6.     Keep the story concise

Keeping things concise gets your point across quickly and effectively.

7.     Using innovation storytelling is just one part of a larger communications strategy

Successful companies know that storytelling is one of the most powerful ways to connect with customers and inspire their teams. Storytelling can help your company stand out from the competition and be seen as a leader in your field.

Techtrend has years of experience creating successful storytelling campaigns for a wide range of clients, as well as tools and resources to distribute the story. If you’re looking for a company that can help you with your innovation storytelling in a powerful and impactful way, contact us at hello@techtrend.com.

We are joined by Craig Leddy of Interactive TV Works to discuss innovation in the media industry. 

Innovation in Media and Entertainment

Most people don’t think of the media industry as a driver for innovation. People tend to overlook the fact things like cable TV took decades to get to where it is today. In the media and cable industries, the process behind the technologies tends to get overlooked. People look at pioneers such as Ted Turner and think they were overnight successes. These things took time and tons of effort, and there were many unsung heroes along the way. While there are big players such as Comcast, Spectrum, etc., there are still many small cable operators out there. These companies are building out fiber and working hard to close the digital divide. Although not as large as before, the entrepreneurial spirit is still alive and well in the cable industry. 

The Two Dimensions of The Digital Divide

COVID-19 opened people’s eyes to the two dimensions of the digital divide: availability and affordability. Major companies, along with the Whitehouse and SEC, just agreed to create a broadband offer at an affordable price. While these companies in the cable industry compete, they collaborate when it is the right thing to do. For eleven years, Craig has run the Interactive Case Competition with graduate-level students. The competition presents real-world challenges to students and brings in industry experts to guide and coach them. The last competition focused on figuring out how to motivate people to connect once broadband is widely available and affordable. The winning team from Drexel University created a plan where households with students could get more broadband at an affordable price. This competition, along with the CableLabs 10G Challenge, is a great way for innovators to help improve impactful technologies.   

Consumer Security and Privacy Concerns

Security and privacy are key issues in the tech world today, for individuals and corporations alike. Many companies have no choice but to put up big safety walls to keep them protected. Whether you are a large or small company, security is a problem you must deal with. On the other hand, individuals have more freedom to ignore these worries. With all the ransomware headlines popping up these days, some people feel safer offline. There will no doubt be people who aren’t trusting of broadband once it is widely available. It will be interesting to see how companies present broadband to those who have never been online. 

About Our Guest: Craig Leddy 

Craig is a leading authority, writer, lecturer, research analyst, and historian on the cable industry, broadband, interactive media, television, digital technology, and wireless. Craig serves as the Founder, President, and Senior Market Analyst at Interactive TV Works, a consultancy based outside New York City. Craig has more than 30 years of business and tech writing experience, previously including top editor positions with Electronic Media and Cablevision Magazine and columnist for Multichannel News. He was inducted into Cable Pioneers in 2020.

To connect with Craig, check out his LinkedIn here.

Today’s show will be a commencement speech I virtually gave on the biggest barrier to innovation.

What is the Biggest Barrier to Innovation?

Fear is defined as an unpleasant emotion caused by the belief that someone or something is dangerous and likely to cause pain or a threat. For humans, fear tends to build on itself. Fear stands for false evidence that appears. Our brains can take "false evidence" and twist it into the worst potential outcome, making it "appear real". This occurs as we strive for perfection, whether as an employee, spouse, leader, parent, or in this case, a student. The reality is that nobody is perfect, and failure is an unavoidable part of life. The most successful people have become "comfortable" with the education failure brings. 

 Avoiding the Conformity Trap

The real problem is conformity, which is thinking and acting the same as everybody else. No matter how much you conform to what others are doing, you can’t avoid failure. Taking what we think is the "safe" approach puts us at more risk. It takes bravery to step out and leave the warm space of conformity to try something new. Because the world is rapidly changing, what constitutes success in the future won’t be the same as in the past. When I started my career, success was defined as doing the tasks that my boss assigned to me. In the new creative economy that we are moving towards, the definition of success is creating valuable ideas that solve problems. In a recent study, only 25% of the population believe they are creative and offer value through their creativity. So why do 75% of the population think they are not able to contribute to the creative economy? They don't see being creative as normal and fear the uncomfortable risks innovation brings. Society needs your human ingenuity and creativity to solve some of our biggest problems and create opportunities for the future. Welcome failures and step out to unleash your creativity today!

An innovation strategy is a plan outlining how a business will create, develop, and bring new products or services to market to gain a competitive advantage. A strategy guides the efforts of individual employees or entire teams and tailored to the organization's unique needs. It also helps ensure the organizations' innovation initiatives remain competitive and relevant. Businesses without innovation strategies lose to competitors.

What's in an Innovation Strategy?

1. A definition of innovation

This definition includes things like creativity, risk-taking, and newness. Understanding these terms ensures everybody is on the same page when brainstorming and developing new ideas.

2. A description of the organization's innovation process

This description helps team members understand how new ideas are developed within the organization and provides a framework for brainstorming and ideation. The description tells how ideas are generated, evaluated, and implemented and explains the overall innovation management approach.

3. Identification of the organization's innovation goals

Goals should be specific, measurable, achievable, relevant, time-bound, and aligned with the organization's overall business strategy. A goal example is to develop a new product that will generate a specific dollar amount within a particular timeframe.

4. Identification of the organization's key stakeholders

Key stakeholders could be the CEO, senior management, marketing department, and R&D department. It's essential to identify and consult with them when developing the innovation strategy plan so they can provide input and help to ensure success.

5. Identification of resources needed to support the innovation strategy

It's crucial to identify financial and non-financial resources to support the plan, such as funding for R&D, marketing, employee training, office space, equipment, and software.

6. A timeline for implementation

An implementation timeline helps team members stay on track and ensures meeting the plan's goals within the set timeframe. The timeline should be specific, including milestones to meet the goal.

7. A plan for assessing the success of the innovation strategy

This assessment plan should include the number of new ideas generated, the number of ideas implemented, and their level of impact. It should also have feedback from employees, customers, and stakeholders, which can be used to adjust the innovation strategy.

8. A system for documenting and sharing best practices

To ensure best practices are shared and implemented, organizations should have a system for documenting and sharing them accessible to all employees. This could be a database of best practices, a wiki page, or a blog.

9. Guidelines for evaluating new technologies

The evaluation should include a review of the technology itself and its feasibility for implementation. The team should also assess the risks and benefits of using the technology and whether it aligns with its innovation goals.

10. Procedures for handling intellectual property rights

This section is essential because it outlines procedures for protecting and managing the organization's intellectual property and should include a plan for dealing with intellectual property disputes.

11. A policy for innovation training and development

This policy should outline the types of innovation training and development programs available to employees. It should also include a plan for assessing the effectiveness of the programs and provide guidelines for how employees can access them.

12. A budget for implementation

The budget should include funds for R&D, marketing, employee training, and a fund for unexpected expenses. It's essential to regularly review and update the budget and consult with team members to ensure everyone is on the same page.

 Today, we continue our series on innovation agencies and will explore why organizations hire them.

Why Do Organizations Hire an Innovation Agency?

1. To help with creative problem-solving.

An innovation agency can help organizations find new solutions to their problems. These agencies bring new perspectives and stimulate creativity, allowing companies to overcome roadblocks and generate new ideas.

2. To help with product development.

An agency can help organizations develop new products that meet customers’ needs. By working with an agency, companies can access the creativity and ingenuity of the team that can help them create innovative and commercially viable products.

3. To help with business model innovation.

An innovative agency can help organizations innovate next-generation business models and test them in live settings. This process accelerates adoption.  

4. To get access to creative talent.

An agency has a diverse team of highly skilled and creative professionals. Creativity is a skill that can be taught and learned, but it’s usually not something you’re born with. Thankfully, there are plenty of ways to cultivate creativity in yourself or your team. One way to do this is to hire an innovative agency!

5. To get access to resources.

Innovative agencies typically have a wide range of resources, including funding, mentorship programs, outsourced manufacturing, channel partners, and workspace. These resources can reduce the time it takes to bring products or services to market.

6. To accelerate commercialization.

Agencies can also help organizations with the commercialization process. They can help identify and assess marketing trends and opportunities, develop testing plans, and create channel partnerships to get products and services onto the market.

7. To help drive business growth.

An innovative agency can also help organizations create and execute their growth strategies. This process includes helping to identify new markets and the latest products and services for these new markets.

8. Access to new technologies.

Many agencies have strong relationships with technology providers. These relationships can be helpful for organizations looking to stay competitive in their industry. Through access to technological advancements, agencies can bring their clients the most up-to-date and innovative technology for their innovation efforts.

9. Expert advice.

Innovation agencies have significant experience with ideation, product development, business model innovation, and commercialization. Companies can access this expertise and learn from the agency’s experience.

10. To outsource innovation.

Innovation agencies can also help companies outsource their innovation efforts. Outsourcing can be helpful for organizations that don’t have the time or resources to do everything themselves.

The Benefits of Working with an Innovation Agency

1. Access to creative talent.

Creative agencies typically have a team of highly skilled and creative professionals and connections with other organizations, such as designers, marketing agency leaders, and PR experts.

2. Specialized expertise.

Innovation agencies can help you turn your idea into a reality, whether you’re a young startup or an established business. Their expertise can help you ideate, brainstorm, conduct research, create prototypes, and launch products.

3. Faster turnaround times.

Innovation agencies can often turn around projects faster than consulting companies. Their team of experienced professionals and network of contacts can help you get your idea into the market more quickly than you can do individually.

4. Lower costs.

Innovation agencies typically offer lower costs because of their deep expertise and experience. They also have access to a broader pool of creative talent, which drives down the cost of services.

5. Greater focus on innovation.

An innovation agency is focused exclusively on helping clients achieve innovation goals. In contrast, a consulting company may have other priorities that can distract it from providing the best possible service to its clients.