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Teague Hopkins

Mindful Product Management

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Teague Hopkins

Jan 25 2025

Innovation at Scale: Corporate Innovation in Regulated Industries

Lessons from Innovation Labs

In 2024, the top 2,500 companies spent more than $1 trillion on innovation initiatives, yet research suggests 70% to 90% failed to generate meaningful returns. In regulated industries, where compliance constraints add another layer of complexity, the challenge is even greater. Here’s what actually works, based on a decade of leading innovation initiatives across multiple regulated sectors.

Three people sit at a table facing away from the viewer looking at data displayed on large computer monitors. Sticky notes with various icons and charts are affixed to a wall behind them, evoking brainstorming and project planning.

The Power of Proving Ground Operations

One of the most effective approaches I’ve encountered is establishing a “proving ground” operation within the larger enterprise. This model allows organizations to test and validate innovations at a smaller scale before rolling them out enterprise-wide. Rather than attempting to transform the entire organization at once, this approach creates a controlled environment where new technologies and methodologies can be refined with lower risk.

For example, when implementing behavioral-based technologies, starting with a smaller customer base of 10,000 rather than 10 million allows teams to iterate and improve while making it easier to maintain regulatory compliance. This approach provides concrete evidence of success – such as improved loss ratios or customer engagement metrics – that can then justify broader implementation.

Building the Right Innovation Infrastructure

Innovation isn’t just about ideas – it’s about having the right infrastructure to execute them. Successful corporate innovation requires three key elements:

  1. Dedicated Resources: Having a separate budget and team that operates outside standard planning cycles
  2. Technical Expertise: A mix of data scientists, engineers, and business strategists who can bridge the gap between innovation and implementation
  3. Access to Enterprise Assets: Leveraging existing compliance frameworks, domain expertise, and customer relationships

The key is creating enough separation to move quickly while maintaining sufficient connection to core business assets and expertise. This balance is critical in regulated industries where compliance cannot be compromised.

From Innovation to Implementation

The most challenging aspect of corporate innovation isn’t generating ideas – it’s successfully implementing them at scale. Success requires:

  • Clear Path to Value: Innovation initiatives need to demonstrate concrete ROI, whether through cost reduction, revenue generation, or risk mitigation
  • Strategic Alignment: Projects should solve real business problems while building capabilities for future growth
  • Stakeholder Navigation: Understanding who the key decision-makers are and how to engage them effectively in the innovation process

For example, when one company implemented a new risk assessment algorithm, they first secured buy-in from compliance by running it in parallel with existing systems for 6 months. This ‘shadow mode’ operation provided the data needed to prove efficacy while satisfying regulatory requirements.

The Spin-In Advantage: A Contrarian View on Corporate Innovation

While most corporate innovation programs focus on spinning out new ventures, there’s a compelling case for the opposite approach. The key advantages of spin-ins include:

  1. Leveraging Existing Infrastructure: Rather than building compliance, risk management, and operational frameworks from scratch, spin-in innovations can utilize established enterprise systems
  2. Clear Path to Scale: When you develop innovations specifically for internal adoption, you’re building with real-world constraints and requirements in mind
  3. Faster ROI: By focusing on internal improvements, spin-ins can quickly demonstrate concrete value through cost reduction, efficiency gains, or risk mitigation

Achieving Balance

The future of corporate innovation in regulated industries isn’t about disruption for disruption’s sake—it’s about systematic value creation through proven frameworks. Organizations that master the balance between innovation and compliance, particularly through spin-in models and proving ground operations, will be best positioned to drive sustainable growth in an increasingly complex regulatory environment.

Note: This post reflects insights from my experience leading product innovation initiatives and recent discussions with peers in similar roles at major insurers and financial institutions.

 

Written by Teague Hopkins · Categorized: Main

May 06 2024

Building a Successful Partnership Between Product and PMO

In the tech industry, team dynamics are critical to strategic success. Drawing from Marty Cagan’s insights on the shift from project to product teams, many companies recognize the importance of this transformation—a transition the best Project Management Offices (PMOs) have embraced and are actively improving.

The Challenge with Project Teams

Cagan highlights the significant drawbacks of project teams: they form to deliver specific projects and then disperse. This constant cycle of forming and re-forming introduces significant overhead, and often, teams don’t remain together long enough to reach their full performance potential. It also leads to a lack of deep domain knowledge and ownership, as teams don’t stay with the product long enough to see its evolution. Great PMOs, in partnership with product teams, work to overcome these challenges, but there may be a better model.

The Strength of Product Teams

Product teams are committed for the long run, deeply involved from inception through to lifecycle management. This continuous involvement fosters a robust understanding of the product and its market, cultivating a sense of ownership and dedication. PMOs support this by ensuring that teams have what they need to succeed over the long term and by facilitating coordination between product teams.

Illustration showing the shift from project to product teams in a tech environment. On the left, individuals walk away from a table with scattered documents, representing a disbanded project team. On the right, a cohesive product team collaboratively works around a table, with a flowchart on the wall indicating ongoing involvement and Agile methodology. The setting is minimalist, emphasizing team dynamics and roles.

Agile as a Tool for Empowerment

In the best organizations, agile is adopted not merely as a methodology but as a mindset of continuous improvement that promotes empowerment. Unlike rigid applications of Agile seen in some frameworks like SAFe, this use of Agile encourages flexibility and rapid iteration. Great PMOs champion these principles, facilitating rather than dictating the Agile process. The balance between guidance and autonomy is constantly being refined, ensuring each team can customize their approach to best fit their product portfolio.

PMOs’ Role in Supporting Product Teams

The mission of PMOs extends beyond overseeing projects—it’s about genuinely empowering teams. Here’s how they can actively support product teams’ efforts:

  • Strategic Alignment: Committed to ensuring all product and project initiatives align with long-term business goals.
  • Resource Orchestration: Managing resources to ensure that product teams have what they need to execute their visions effectively
  • Cross-functional Coordination: Facilitating collaboration across departments, supporting the smooth execution of complex projects. The aim is to reduce silos between departments while acting as a bridge when silos are unavoidable.
  • Insight and Analytics: Providing actionable insights and data, which are essential for informed decision-making. Enhancing the timeliness and accuracy of these insights is an ongoing goal.
  • Continuous Improvement: Fostering a culture of feedback and iterative improvement, constantly aiding teams in refining their products and processes. Combining facilitation with the development of mechanisms that capture and implement feedback more effectively.

A Real and Evolving Partnership

As PMOs continue to grow and evolve, their role as partners to product teams becomes ever more crucial. This partnership, based on a mutual understanding of goals and methodologies, fosters a productive environment where strategic alignment and empowerment are prioritized. Continuous refinement is the key to making sure product teams are supported in innovating and delivering outstanding products that meet customers’ needs.

 

Written by Teague Hopkins · Categorized: Main

Apr 11 2024

The Transformative Power of Mindful Leadership

In today’s fast-paced and often tumultuous business landscape, the essence of leadership is evolving. Gone are the days when being at the helm was solely about driving profits and pushing for productivity at all costs. In this era of conscious business, mindful leadership has emerged as a beacon of hope, guiding organizations towards not just success, but meaningful impact. But why does mindful leadership matter so profoundly, and how does it shape the very core of an organization’s culture, its ability to attract talent, and its overall psychological well-being?

What Is Mindful Leadership?

Mindful leadership is about presence, empathy, and a genuine commitment to the well-being of the organization’s most valuable asset: its people. It’s leadership that listens, understands, and acts with intention. This approach doesn’t just alter the way decisions are made; it transforms how team members feel about their workplace, their colleagues, and their own contributions.

abstract representation that symbolizes mindful leadership in a remote-first culture, focusing on the integration of technology and human connection through soothing colors and interconnected shapes

Attracting Talent

In an age where options abound, the brightest talents are drawn not to the highest bidder, but to organizations where they feel seen, heard, and valued. Mindful leadership creates an environment that resonates with their own values — one that promises growth, not just professionally but personally. This alignment between an individual’s values and the organization’s culture acts as a powerful magnet, attracting like-minded professionals who are not just looking for a job, but a purpose.

Fostering Psychological Well-Being

A mindful approach to leadership acknowledges the person behind the role. It recognizes the importance of mental health, work-life balance, and the need for a supportive work environment. This focus on psychological well-being reduces burnout, fosters resilience, and promotes a healthier, more vibrant workplace.

Enhancing Team Dynamics

Teams thrive under leadership that values open communication, empathy, and mutual respect. Mindful leadership encourages these qualities, leading to stronger bonds, improved collaboration, and a more inclusive culture. Teams become more adaptable, creative, and united in their goals, navigating challenges with a collective sense of purpose and resilience.

Enabling Clear-Eyed Decision Making

Mindfulness brings clarity of thought. It encourages leaders to pause, reflect, and consider the broader impact of their decisions. This clear-eyed approach ensures decisions are not reactive but thoughtful, taking into account the well-being of the team, the organization, and its stakeholders.

Boosting Engagement

When leaders practice mindfulness, they set a powerful example. They create a culture where everyone is encouraged to be present, engaged, and connected to their work. This fosters a sense of belonging and purpose, driving engagement and inspiring everyone to bring their best selves to work.

 

Conclusion

The transformative power of mindful leadership cannot be overstated. It’s a catalyst for positive change, fostering environments where talent flourishes, psychological well-being is prioritized, team dynamics are strengthened, decision-making is clear-eyed, and engagement is elevated. As we navigate the complexities of modern business, the principles of mindful leadership light the way, proving that success and integrity can coexist, paving the path to a more conscious and fulfilling professional world.

Written by Teague Hopkins · Categorized: Main

Mar 21 2024

Corporate Innovation: A Lifestyle Change, Not a Crash Diet

In the fast-paced world of business, the term “innovation” is often thrown around as a buzzword, a magic pill that can suddenly transform an organization overnight. However, the reality is far from it. True corporate innovation is not a crash diet, where immediate, drastic measures are taken to see quick results, which are often unsustainable in the long run. Instead, it is a lifestyle change—a thoughtful, deliberate process that requires patience, persistence, and a forward-thinking mindset.

The Fallacy of Quick Fixes

In our quest for rapid growth and success, it’s tempting to look for quick fixes. We’re drawn to stories of startups that skyrocket to fame and fortune overnight or products that instantly change the market landscape. On closer examination, most of these fall into the “10-year overnight success” archetype: someone toiling for years before finally hitting the lucky break, or finding the right formula after hundreds of experiments. Real, impactful innovation doesn’t happen overnight. It’s the result of long-term commitment and investment. Just like crash diets promise quick weight loss but often fail to provide long-lasting health benefits, short-term innovation strategies may offer a fleeting glimpse of success but fail to sustain growth or competitive advantage.

The Lifestyle Change of Innovation

Think of corporate innovation as a lifestyle change. It’s about embedding a culture of creativity, experimentation, and continuous improvement into the very fabric of the organization. This involves:

  • Long-term Vision: Setting sights on where you want your company to be in the next ten, twenty, or even thirty years. What kind of impact do you want to have on your industry, your customers, and the world?
  • Sustained Investments: Allocating resources—not just financial, but also time, talent, and attention—towards innovation projects with the understanding that the payoff may not be immediate. It’s about investing in the future, even when the ROI isn’t instantly clear.
  • Culture of Experimentation: Fostering an environment where failure is not frowned upon but is seen as a stepping stone towards innovation. Encouraging teams to test, learn, and iterate, knowing that not every initiative will succeed but that each attempt brings valuable insights.
  • Customer-Centric Mindset: Continuously seeking to understand and anticipate the evolving needs and preferences of your customers. Innovation is not just about coming up with new ideas but about solving real problems and addressing unmet needs in the market.
  • Cross-functional Collaboration: Breaking down silos within the organization to facilitate the sharing of ideas, skills, and perspectives. Innovation thrives in a collaborative environment where different departments and disciplines come together to tackle challenges.

The Engine of Growth

When innovation is approached as a lifestyle change rather than a crash diet, it becomes a powerful engine of growth. It’s not about sporadic spurts of creativity but about building a sustainable system that continually pushes the boundaries of what’s possible. This requires patience, as the fruits of such a culture may take years, if not decades, to fully materialize. Yet, the organizations that are willing to make this commitment are the ones that truly transform industries and leave a lasting legacy.

The Commitment is Worth It

In a world obsessed with instant gratification, embracing a long-term approach to innovation can be challenging. It requires a shift in mindset, from seeking immediate results to investing in the future. But the rewards of such an approach are immense. By viewing corporate innovation as a lifestyle change, businesses can create a robust engine of growth that propels them forward for decades to come, ensuring their relevance, competitiveness, and impact in an ever-evolving world.

Written by Teague Hopkins · Categorized: Main

Mar 25 2023

How to Incorporate AI into Your Product Strategy

As companies increasingly explore the potential of artificial intelligence (AI) in their businesses, it’s important for product managers to consider the risks and benefits of incorporating AI. AI can be a powerful tool, but it’s essential to use it wisely and judiciously to avoid unintended consequences.

To guide product managers in their use of AI, there’s a simple principle that can be applied:

“Just Enough.”

This principle applies to all forms of AI, whether it’s language models like ChatGPT or other types of machine learning. In fact, this principle is analogous to the use of other powerful tools like ‘git rebase’… or a chainsaw.

All three of these tools have the potential to cause significant damage if not used with care and precision. Just as a chainsaw can quickly turn a small task into a disaster, AI can create unintended consequences that are difficult to predict and even harder to fix. It’s crucial to ask yourself if there is a simpler, safer tool that can accomplish the same task before reaching for a powerful tool like AI.

Of course, it’s important to learn and practice using powerful tools like AI, but it’s equally important to do so in a safe environment. When it comes to your core business or production code, it’s essential to use the right tool for the job. Don’t be tempted to pick up a chainsaw when a pocket knife will do.

To illustrate the principle of just enough, consider the example of a product manager working on an e-commerce website. The manager might be considering the use of AI to personalize the shopping experience for each customer. While this is a powerful use of AI, it’s important to consider whether it’s really necessary. In some cases, a simpler tool like rule-based personalization might be just as effective without the potential risks and complexities of AI.

Conclusion

Product managers should approach the use of AI with caution and consideration. By applying the principle of just enough, product managers can ensure they’re using AI wisely and judiciously, without creating unintended consequences that could harm their businesses.

Written by Teague Hopkins · Categorized: Main

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