How can you manage risks when negotiating for innovation outcomes?

2 Develop a plan

The second step to managing risks when negotiating for innovation outcomes is to develop a risk management plan that outlines the strategies and actions to prevent, mitigate, or respond to each risk. A risk management plan should include the following elements: risk owner, risk response, risk trigger, risk indicator, and contingency plan. You should also assign roles and responsibilities to the team members involved in the negotiation, and define the criteria and metrics for measuring the success of the risk management plan.

4 Adapt to change

The fourth step to managing risks when negotiating for innovation outcomes is to adapt to change and be flexible and agile in the face of uncertainty and complexity. You should monitor and review the risk management plan and the innovation project regularly, and make adjustments as needed based on the changing circumstances and new information. You should also be open to learning from mistakes and failures, and embrace experimentation and iteration as part of the innovation process.

6 Manage expectations

The sixth and final step to managing risks when negotiating for innovation outcomes is to manage expectations and deliver on the promises and commitments made during the negotiation. You should set realistic and achievable goals and milestones for the innovation project, and communicate them clearly and transparently to the stakeholders. You should also track and report on the progress and performance of the innovation project, and celebrate and acknowledge the achievements and contributions of the team and the stakeholders. You should also seek feedback and evaluation on the innovation outcome, and identify the lessons learned and the opportunities for improvement.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?