[Excerpt] Lean innovation is a concept that has been gaining attention in the recent years. It began as a concept for start-ups; entrepreneurs with creative ideas wanting to provide the most value to their stakeholders using the least resources, but has quickly grown popular in large companies as well. As companies strive to differentiate their offerings in the rapidly globalizing world amid tough competition and depleting resources, lean innovation could provide a logical solution to many related problems.
With principles like value for customer, experimentation with ‘pivoting’, speed, teamwork, and efficiency, lean innovation is being applied in many companies. The question that arises, then, is how to successfully evaluate the teams performing in a lean innovation environment, given the different dynamics like higher failure rate and higher costs involved with the innovation process, that did not exist in traditional organizational setups.
Since lean innovation is a relatively new concept, there is little research available with respect to teams in a lean environment specifically. However, there are ways to evaluate teams, taking into consideration the principles highlighted above. The following sections shall focus on highlighting some of the best practices of assessing teams that are applicable to an environment which has one or more of the aforementioned dynamics.