Tech Accelerator: Strategic Development for Mortgage Tech

Identifying Innovation Needs

First things first, you need to work with your tech accelerator to pinpoint where new innovations are needed. This involves understanding which innovations are possible and how they will fit into your overall strategy, operations, and specific units. It’s about aligning your tech efforts with your business goals.

Budgeting and Deployment

Once you’ve identified your target innovations, determine the budget and deployment practices for these products. This means planning how much you’re willing to invest and how you’ll roll out these innovations across your organization. Effective budgeting ensures you’re making strategic investments without overextending your resources.

Building a Bullpen of Talent

Don’t just hire for a single project; focus on developing a bullpen of best-in-class talent. Trusted workers from previous projects are a great starting point, but your accelerator should also attract, develop, and retain new talent consistently. This approach ensures you have a robust team ready to tackle any innovation challenge.

Internal Innovation: Overcoming Obstacles

Internal innovation often faces challenges like bureaucracy, short-sightedness, and the desire to maintain the status quo. It’s crucial to create an environment where failing to produce is considered safer than producing a failure. Encourage creativity by eliminating distracting and mentally expensive activities in your day-to-day operations. This way, your team can focus on innovation without being bogged down by other priorities.

Growth Driver Model

For higher-risk products, develop them with trusted teams who understand the assurance of fit. This model maximizes collaboration and allows for moderated autonomy. Accelerator teams can guide efforts towards business needs, letting your talent focus on what they do best. This ensures that your innovations are aligned with your business goals and have the best chance of success.

External Innovation: Managing Risks

External innovation can be tricky. Products might underperform, be lost to competitors, or require extensive modifications. The key is to manage these risks by ensuring that your product development aligns with your company’s strengths in sales, marketing, manufacturing, and other operations. This makes product integration more efficient and less time-consuming.