6 Tips For Building Innovation Into Your Company
Innovation is a big corporate buzzword, and it’s one of the hottest topics on this blog. That’s because it’s one of the biggest mysteries to business leaders. A new study from Accenture, “Why Low Risk Innovation Is Costly,” revealed that fewer than one in five chief executives believes their company’s strategic investments in innovation are paying off. Because of the high percentage of failure, nearly half of the executives surveyed said their companies were less likely to risk implementing breakthrough ideas.
Innovation only happens in the right environment, one where everyone is not only allowed to innovate, but they are actively encouraged to speak up and bring new ideas to the table. This may sound like common sense, but it is far from common practice. How do you create an innovative environment?
- Innovation only comes by invitation. Invite people to bring forth their new ideas. True innovation takes place when people are free to raise ideas, take ownership of them, and then implement them. If people are required to ask permission for every step they take, they will stop asking permission.
- Innovation is not a solo sport, it requires a group of players with skills specific to the effort. Many companies appoint an innovation department or hire a chief innovation officer, which can make innovation just another stovepipe in the organization. The message this sends to your organization is that innovation is “their job” and “not mine” – siloed off. While an idea may come from one individual, it’s the cross-functional creativity, trust, and collaboration that bring innovation to life.
- Encourage everyone to put their ideas to test fast, fail fast, and then reiterate. If people wait for perfection before they put the idea to work, the effort will lose steam before it ever gets off the ground.
- Value the lessons taken from failure as much as your successes, and apply those lessons toward each new attempt. This makes it safe for everyone to innovate. The idea is not to encourage failure but to foster innovation that leads to winning success as rapidly as possible.
- Ensure this behavior gets modeled at every level, from the very top to individual contributor. That means the senior leaders must be actively involved, not just mandating the change.
- Resist the desire to project manage your way to innovation. It cannot be generated by focusing solely on budgets, resources, and timelines. If you try, you can guarantee your innovation investment will be wasted.
- IT Innovation: is outsourcing possible? (worldofinnovations.net)
- CMiC Innovation Award Contest 2013 – Submit for a Chance to Win for Your Charity! (prweb.com)
- Week in Review: Dell, Innovation, and Clean Energy (axialmarket.com)
- Six Steps to a Smarter Start-Up (inc.com)
- Chief Innovation Officer (leticiacaminero.com)
- Guest Post: 4 Ways to Turn Your Company Into an Innovation Machine (marenhogan.wordpress.com)