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S P OT LI G H T CASE STUDY: THREE INNOVATION PROGRAMS THAT SHINE Ideas are everywhere! Learn how three companies operate employee-driven idea programs that have generated some of their best advancements. While more than 70% of senior executives count innovation in their top three drivers of growth, ONLY 35% SAY THEY ARE CONFIDENT ABOUT THEIR INNOVATION EFFORTS. Although internal idea programs should complement a company’s unique culture and processes, you can learn a lot from the successes of other businesses. Take a look at just a few examples of idea systems done right. Airline Flushes Wasteful Spending When British Airways was facing tough economic times and mounting pressure from environmentalists to cut emissions on its aircraft, it reached out to employees to help solve the specific problem of cutting fuel bills. Via an online suggestion portal, one employee had an unusual idea: descale the toilet pipes to reduce airplane weight. The result was a $900,000 reduction in fuel cost and satisfied environmental groups. 3M Finds an Idea that Sticks � What additional resources will be needed to execute the idea? Where will we get them? � What is a reasonable timeline and budget for testing and development? � Can we afford implementation? If not, how will we fund it? Many already know the story of how a failed invention was cleverly repurposed by 3M scientist Art Fry to develop the Post-It Note. What some don’t know is that this eureka moment happened during Fry’s “15 Percent Time,” a com- pany innovation program that allows employees to use up to 15% of their work day to develop and test their own ideas. Google has since adopted a similar program allowing employees 20% of their work day to dream big. Software Employees Invest in Each Other PRIORITIZE THE BEST CANDIDATES Consistent efforts by the team to filter new ideas through your own set of criteria will yield a cache of the most worthwhile ideas. The suggestions that are unmanageable, ineffective, or unafford- able will become obvious, while the ones that have the most promise will be revealed. Once the team gets the hang of the process, you can continuously enhance your program by adding more sophisticated grading systems or auto- mated idea software. Rhode Island-based Rite-Solutions has developed hundreds of lucrative ideas through a unique innovation program that allows employees to invest in good suggestions. In addition to the encouragement to post ideas on an internal website, each employee is given $10,000 virtual currency for the opportunity to “invest” in others’ ideas and volunteer on the project team. The projects that garner enough support are approved and the team shares in its actual profits. Now that you’ve identified your best ideas, contact your Relationship Manager at (855) 274-2800 to explore how Sterling National Bank can help turn them into actionable results! Read our online exclusive article at connect.snb.com/good-ideas to learn how to structure your innovation program and avoid six critical mistakes. RANKED ONE OF FORBES' BEST BANKS OF 2019 // CONNECT INNOVATION FALL 2019 // SNB.COM 13