Through our education, from kindergarten to grad school, then through our professional lives, we have been shaped in the same mold, even though we hear here and there that we need to “think outside the box”, that box being only aimed to fit into a bigger box, like the Russian dolls. Conventionalism, risk aversion and complacency kill innovation and entrepreneurship.
For leaders of multinational companies, innovation is the engine of market growth. Nothing increases market share or captures new markets like a new product, process, or service.
But what—or who—consistently drives innovation in corporate America?
Not the likes of Mark Zuckerberg, actually. New research from the Center for Talent Innovation suggests that the engine of innovation resides in the collective genius of diverse teams managed by leaders who value perspectives and approaches outside their own experience or expertise. With input from 1,800 survey respondents, 40 Fortune 500 case studies, and 100-plus innovators, we found that companies with inherently diverse employees and leaders who behave inclusively were likeliest to open a new market in the last year or expand their share of an existing one. A vertically diverse workforce, not boy genius, is what drives market growth through serial innovation.
How can companies ensure that a promising initiative receives the necessary resources? And why do so many brilliant inventions fail while other seemingly mediocre offerings succeed? Such questions are addressed in two recent books — Unrelenting Innovation: How to Build a Culture for Market Dominance, by Gerard J. Tellis and The Wide Lens: A New Strategy for Innovation, by Ron Adner. The first book concentrates on a company’s internal workings, while the latter focuses on its external environment.
In Unrelenting Innovation, Tellis asserts that the single most important driver of innovation in any organization is its culture, and he cites three organizational traits important for innovation: a willingness to cannibalize existing products, a risk-taking attitude and the ability to focus on the future. Many companies have a hard time commercializing radical innovations, Tellis notes, because these would hurt the company’s existing products. To counter such tendencies, Tellis offers three practices: providing the right incentives, fostering internal markets and empowering “innovation champions” within the organization.
Many companies pursue business process outsourcing to trim costs. But it can evolve into much more.
The number of companies that outsource critical business processes to outside suppliers has been growing significantly worldwide. In 2012, companies outsourced some $309 billion of services — activities including finance and accounting, human resource management, procurement and legal services — and the overall volume has been growing at a rate of around 25% annually.
Although many organizations initiated business process outsourcing (BPO) as part of an effort to reduce costs or acquire new skills, it has since evolved into much more. In relationships companies classify as high-performing, service providers deliver substantial long-term improvements to the client’s operating efficiency and strategic performance.
These types of innovations require companies and service providers to work together. BPO providers do not need incentives to improve their own revenue or margins, but they do need them to focus on the client’s performance. While partners may incentivize innovation by using mechanisms such as productivity targets, allocating innovation days and agreeing to gain share on innovation projects, innovation won’t happen unless clients and providers implement a more comprehensive process that combines acculturation across different organizations, an engaging method for generating ideas, adequate funding and a system for managing change.
Innovation is work, not magic SUMMARY: Innovators and creative types are simply people who know how to work hard to turn ideas into reality, say nine creative types who were interviewed. "[T]he creative process ... isn't some mystical fairy dust and twinkly lights that only happens to special people if all the stars are aligned. It's work," artist Jolie Guillebeau says.
There are five major personalities crucial to fostering a healthy atmosphere of innovation within an organisation, according to a recent Forbes Insights study. What personality types will drive innovation in your business?
We came across this infographic that high highlights the rise of tech innovation, including one person's perspective on what the top five innovative & disruptive technologies area and who four of the most innovative companies are...
The 3 ingredients of innovation SUMMARY: To drive lasting innovation, you'll need the appropriate mindset, skills and tools, Jonathan Vehar writes. You might be able to make some progress if you have only two of these three attributes, but problems will likely arise, he writes. For example, if you have the right mindset and tools but lack the proper skills, then your innovation efforts will lack focus, he writes.
"... Innovation inbreeding is when innovation efforts are consistently led by the same group of people who have lived their life within the company. Even worse is when innovation efforts are contained within individual functions, geographies, or product lines. "
Sharing your scoops to your social media accounts is a must to distribute your curated content. Not only will it drive traffic and leads through your content, but it will help show your expertise with your followers.
How to integrate my topics' content to my website?
Integrating your curated content to your website or blog will allow you to increase your website visitors’ engagement, boost SEO and acquire new visitors. By redirecting your social media traffic to your website, Scoop.it will also help you generate more qualified traffic and leads from your curation work.
Distributing your curated content through a newsletter is a great way to nurture and engage your email subscribers will developing your traffic and visibility.
Creating engaging newsletters with your curated content is really easy.