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The STEET Process
Briefly, here's how the authors explain each step in the STREET process:
- Scope—decide what's valuable to you and how much risk you'll take to get it. This stage leads you to understand your corporate mission, objectives, strategies, needs and values, as well as business aspirations.
- Track—seek out relevant innovations from a broad range of sources and track their progress along the hype cycle to notice advances in their maturity. As opportunities are identified, they should be captured in a way that can be communicated to others in the organization for further decision-making. This stage is typically the most active and resource intensive of the first three stages.
- Rank—consider alternative candidates by ranking potential innovations and selecting those worthy of attention that could bring significant benefit to your organization within a time frame that fits your risk profile. Ranking multiple innovations at the same time allows you to avoid assessing an innovation simply on its own merits.
- Evaluate—investigate each of the top-ranked innovations, including many points of view and projecting the innovation's likely speed of progress to adoption. At the end of this stage, a decision is made to either: move forward with the adoption; revisit the evaluation in revised form; return the candidate to the track phase until it matures further; or drop the innovation from further consideration.
- Evangelize—inspire, educate and involve other people to obtain cooperation and support of all individuals who will influence the successful adoption of the innovation by its ultimate users.
- Transfer—continue to inspire, educate and involve other people to transfer responsibility to those who will implement or use the innovation. This requires sparking enthusiasm and a sense of ownership for the innovation.
Given the importance of carrying out the STREET process, who is best suited to be responsible for it? The innovation leader charged with that task should be either a member of a distinct team responsible for innovation adoption (such as strategic planning, product R&D or emerging technology group), an executive responsible for overall business improvement (or a department head responsible for her area), or a person who decides to champion an innovation they see as a good idea.
Whatever approach is taken, it's valuable for the innovation adoption process to create an internal competency for identifying opportunities that can be duplicated over and over. The hype cycle peaks may be higher and sharper in the future as 24/7 global media latch on to the next great technological development wherever it is created.
Reprinted by permission of Harvard Business Press. Excerpted from
Mastering the Hype Cycle, published by Harvard Business Press, Copyright (c) 2008 Gartner, Inc.; All Rights Reserved
Also of interest:
Book:
Diffusion of Innovations by Everett Rogers, paperback edition published by Free Press, 2003. Fenn says this book does a wonderful job of structuring a highly complex set of ideas and research into clear models, categories, processes, and "generalizations" about how any innovation or idea spreads through a population of people.
Book:
The Psychology of Judgment and Decision Making by Scott Plous, published by McGraw-Hill, 1993. A source for much of the material in Mastering the Hype Cycle on how people make decisions and the biases that lead them astray. This is one of a growing number of books on the topic of behavioral economics.
CIOZone Question: What technology innovations is your organization currently tracking?
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