You have been excellent at executing and improving your proven and successful business models. But as the research above shows, you have not yet found the answer to inventing entirely new business models, value propositions, and growth engines.
In fact, managing the present is taking oxygen away from inventing the future.
You not only have to be world class at executing and improving your current business model, but you also have to be world class at searching and inventing new business models for the future.
That’s the real leadership challenge.
Your innovation engine is not a space where you write business plans for new ideas. Your main goal is to decrease the risk and uncertainty around new ideas. It’s a space where you prototype and test new business models and value propositions; where you experiment and gather evidence as cheaply and quickly as possible by getting out the building with methodologies like Lean Startup and Customer Discovery.
On one hand your execution engine will need to be world class at managing factories and tolerating zero failure; and on the other hand, your innovation engine will need to be world class at experimenting, failing, and learning to shape new ideas.
Lastly, your innovation engine will need help from your execution engine--we cannot stress this enough.