Within the various types of companies, leaders must constantly asked the question, how do we take the company to a new level or where as is more commonly asked, ‘do we go from here’? The business environment is one that is constantly changing due to its competitive nature. As a result many firms will find it a necessity to foster innovation as part of their development. Innovation should be a part of every company’s DNA once it is embedded in the company’s culture it will quickly add value products, processes and services and solve problems. Big Data firm Kaggle, is a great example of a company that does innovation right.
I think leaders who are authentic, are the best ones capable of devising innovation strategies, or or innovation frameworks. By their very nature it becomes easy to become key drivers of innovation in their organisations. Why? Authentic leaders are naturally self-aware and genuine. Probably the best fit for any type of firm they are self actualized, aware of their limitations, their strengths and their emotions. They do not wear masks. They are also highly driven mission oriented and focused on results.
Sopheon recently presented a webinar: Innovating on Innovation. It defines four key areas of the innovation lifecycle –
- innovation planning
- idea and concept development
- gated process management
- portfolio optimization
The webinar also describes new emerging practices, in each area that leading companies are using to differentiate themselves from their competitors. Though aimed at the food sector it is well worth the watch.
For those of you focused getting your start-ups of the ground but wanting to create that culture of innovation, Eli Portnoy a blogger on Forbes suggest three things you can do to create a culture of innovation. The first is always get a fresh perspective. Eli writes while being in the ad tech business, none of his first hires actually had ad tech experience. The second is don’t be afraid to be the lone voice. The third and perhaps most important is to recruit quality advisors who can help you avoid landmines:
“Ultimately, having no experience in our industry, a willingness to question everything, the fortitude to go in a different ways, and advisors as guides we were able to build an entirely new way of doing mobile ads. This gave us a huge advantage and allowed us to move to the forefront of mobile and stay ahead of our bigger and more experienced rivals.”
Sopheon says effective innovation can be difficult to implement, but by continually improving innovation performance, you can gain huge rewards and lead to sustainable, long-term growth.
Hayden Richards is Contributor of IntelligentHQ. He specialises in finance, trading, investment, and technology, with expertise in both buy-side, sell-side. Contributing and advising various global corporations, Hayden is a thought leader, researching on global regulatory subjects, digital, social media strategies and new trends for Businesses, Capital Markets and Financial Services.
Aside from the articles, interviews and content he writes for IntelligentHQ, Hayden is also a content curator for capital markets, analytic platforms and business industry emerging trends. An avid new media explorer Hayden is driven by a passion for business development, innovation, social business, Tech Trading, payments and eCommerce. A native Trinidadian, Hayden is also a veteran, having served with the Royal Air Force Reserves for the past 10 years.
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