Diversifying Change: Build, Borrow,  Buy

Three ways to foster growth and spur new ideas

Now more than ever, leaders seek novel ways to foster growth and cultivate new ideas. 

Research performed by Laurence Capron and Will Mitchell while developing their resource pathways framework suggests teams that utilize multiple innovation and growth paths outperform those focused on a singular path. 

Consider these three pathways the diversification necessary for a growth and change framework: build, borrow, buy. 

Each have their own advantages and disadvantages and the best path should be unique based on team structure and current needs.  

  • Build: The most time-intensive but potentially most fruitful strategy. Teams collaborating and solving for innovation provide upskilling and invaluable experience. 

If the team isn’t sure what to build, process improvement can be handled internally to produce tangible results. Process analysis tools can assist by doing the laborious steps of identifying, documenting, and analyzing processes to get started. 

  • Borrow: The end goal may require a solution outside of your team’s comfort zone. Borrowing – by either collaborating with another team or a vendor partner – can speed up innovation without requiring a large investment. 

Tools and processes can bridge the gap. Robotic process automation develops automated solutions, and an innovation lab can help incubate and implement new capabilities. 

  • Buy: If a resource or capability requires an accelerated timeline, consider other sources for quick integration. This approach is a vital part of scaling to grow influence through partnerships. 

These frameworks can help determine the best pathways depending on need. To begin, talk with your team. Find the right path. Foster growth and spur new ideas.

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