Should I Join a Corporate Innovation Team?

In recent years, corporate innovation teams and innovation labs have become part of a multi-faceted strategy being employed by industry incumbents to address the disruption of the their products and business models. Through my experience helping launch multiple innovation teams for a Fortune 50 company over the past few years, I have had a front row seat for the many opportunities and challenges that exist in this space.

With a change in leadership at the executive level, the most recent team I was on was cut…but not before we hosted an elaborate grand opening of our new space with C-suite attendees, lots of tech press, and visions of grandeur just 6 months prior. I say this not to be *salty*, but to note that the term “innovation theater” affects companies of all sizes and industries. (For a fun infographic that breaks down innovation theater, check this out.)

I still enjoyed the risk because it is through these experiences that I’ve been able to see projects go from problem statement to idea to prototype(s) to a customer’s hand. As the first part of a series of posts about the corporate innovation landscape, here are some key questions to ask and understand before making a move to work for a corporate innovation team.

How was the innovation team founded? Who is bought in?

This can tell you a lot about the true intent of the innovation team. Working to tease out if a team was created to appease shareholders with no clear strategy/goals, or if the leader is a sophisticated operator who saw a clear business need, can be a really useful exercise to determine where the team is headed after the shine wears off.

Also, try to get this answer from more than one person, ideally someone from the founding team and a more recent hire to get a sense of how the team is growing. (I get that innovation labs aren’t a startup, but I tend to use the words “founding team” since the persons that advocate for the budget, built the initial strategy, etc are often passionate about the mission of the innovation team, so they bring a special spice to the table. This usually indicates they are enthusiastic about the project.)

How strong is the buy-in at the leadership level? The budget approval may have come for the innovation lab last year championed by the CEO, but if there is turnover with that CEO or other key lieutenants, is everyone likely to still be on board for a high risk/high reward innovation play?

What does the existing leadership look like?

Generally when getting hired into a larger company, you stick to questions about your daily tasks will be, the metrics you will be held to, your budget to accomplish those tasks, your current team, who you will manage, etc. Many innovation teams are still fairly new (1–4 years old), so the founding members are still around and active. Ask to meet directly with the head of the team to get a true sense of the mission. These folks have often taken big personal career risks, so they should be more than happy to give you context on what they believe, and why.

What does the team look like now?

Understanding how the team is scaling is important. Often times, the first hires of an innovation lab are enthusiastic about the adventure and risk profile. It might mean they put in extra time or effort to making sure the strategy is sound. They might be a mix of internal employees hand picked for their mix of moxy and technical abilities. New hires could come from a variety of backgrounds having no previous large corporate experience (startups, adjacent businesses, etc.).

Look for a team that has a mix of internal and external employees. If the team is all external, you may struggle to navigate the complex internal politics of the larger parent company that adds costly extra time. If the team is all internal, you may not get that mix of ideas and dynamism that most companies are looking for within an innovation lab.

What outcome-based metrics are we being held to as a team?

This is perhaps the most important single question. What the mothership (i.e. the CEO or whoever your boss is reporting to) believes will come out of this innovation lab can make or break your team. Key stakeholders have had expectations set…you need to know what they are and if they are reasonable. If these expected outcomes aren’t aligned, your team could get shuttered once budgeting cycles come back around.

Some examples of metrics I’ve heard from other teams:

• Do you have to test a certain number of products, processes or business model ideas/year?
• Do you have to save the company $XX/year (if you are on a internal optimization team)?
• Do you need to introduce new businesses or new revenue streams into the business?

Innovation teams can be a risky career move, especially if you are joining as a first time employee with the company, but it’s a great way to put your skills to work while often being closer to the full team necessary to launch a new product or service. For the health of the team, and your personal career, always make sure to network within the company. You may find the perfect roles internally to keep growing your career or be able to make an introduction when an internal subject matter expert is needed.

Would love to hear others’ stories or key questions that you ask.