Your Dream of Becoming an Innovative Company will Fail if You Don’t Do These 5 Things

by | Jul 26, 2017 | What We Think

How do you think about innovation? For many, innovation has become synonymous with new technology. But innovation is not just the development of new technology; it is also new applications of technology. It is doing new things. It is doing things in new ways.

It is rethinking how you approach your business.

It is advancing your field by doing what hasn’t been done, or doing things in ways not done before. True innovation is bold.

Most organizations recognize the need to continue to evolve, and many think that they innovate. They have R&D departments, or special project divisions; they reengineer processes or shake up the structure. They develop innovation plans.

But innovation will usually fail without the following 5 supports in place:

  1. A leader with a clear vision and the backbone to ensure its implementation – no matter the strength or number of doubters in his or her midst
  2. Outside perspectives; it’s hard to think outside the octagon when you are still in a box
  3. Distinguishing internal improvements and best practices from real innovation
  4. An investor’s mindset that lets you imagine big and take risks
  5. An infrastructure that supports failure and has a diversity of ideas and opportunities always underway

Innovative organizations are not careless or chasing pipe dreams. They have cultures and infrastructures that support the constancy of change. Innovation is embedded in the culture and is a key driver of behavior and performance goals at every level.

Without innovation, organizations eventually stagnate. Corporations get outcompeted; non- profits are unable to continue to make significant impact, and associations lose their relevance and value.

Improving what you do and how you do it is important for today. Innovation is critical for tomorrow.

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