Your Business Will Fail Without Innovation – Here’s How to Weave It Into Your Culture

In my last post I talked about the exciting and essential role of innovation accelerators in empowering latest startups and gave examples of how they’ll transform businesses. Since that post was published, the prestigious Harvard Business School has recognized Project Group ICL BIG in a latest case study titled “From “BIG” ideas to sustainable impact at ICL Group.”

The Harvard study highlights several small print that I need to discuss today. The purpose of this text is to provide a practical guide on how to actually embed a culture of innovation in your organization.

BIG Project Analysis by Harvard Business School

BIG (Business Innovation for Growth) is ICL’s flagship leadership program that engages and structures employees in the company to pitch ideas. Ideas are centrally reviewed and those with potential are developed by the business units. BIG has broken down silos and has rapidly expanded from an initial engagement of three,500 employees to an inclusive international program that reaches all 12,500 employees and operates in multiple languages.

Since its inception, BIG has focused on the fundamental principles of universal collaboration and a unified process for (rapid) idea implementation. The results are impressive:

• 4,748 original ideas submitted to BIG
• 1,584 projects were approved and formally launched
• 1154 projects accomplished in line with defined objectives and indicators
• $262 million in final annual operating income

Creating a culture of innovation

Most organizations recognize the need for a culture of dynamic innovation, but either don’t understand what meaning or aren’t sure how to achieve it. Some also struggle to clearly define the advantages of an innovation culture, which include staying competitive in an evolving marketplace, supporting worker satisfaction, and driving continuous improvement.

We are in Industry 4.0 and the latest technological revolution, in addition to a period of rapid change in consumer culture. Innovation is key for corporations; those who cannot innovate will fall by the wayside as their more agile and revolutionary competitors dominate the markets.

4 Key Steps to Implementing an Innovation Culture

I firmly consider that the need to innovate is innate in all humans (it is what allowed us to survive hostile environments and thrive as a species). The problem is that in hierarchical, highly structured, or system-dominated organizations, innovation could be easily stifled.

1. Leadership: By supporting innovation and actively engaging, leaders can create a functioning framework for the free exchange of ideas and develop a latest corporate culture.
2. Employee engagement: Dynamic innovation must engage employees at every level. Platforms have to be inclusive and accessible, and must recognize and reward successful contributions. Most importantly, there ought to be no shame associated with failure or rejection.
3. Structured programs: Structured programs create a framework for innovation. Employees know exactly how to submit an idea to the program and that it is going to be objectively evaluated by experts outside their very own chain of command. Each stage of the program has defined metrics and methodologies and is measurable.
4. Technology and human infrastructure: Innovation programs are best when there is an optimal balance between technological tools and human enthusiasm and initiative to optimize innovation programs. Technology can provide a decisive competitive advantage, but it is the human passion for innovation that bridges the gap between a good idea and an amazing latest product.

The advantages of worker-driven innovation

Employee-driven innovation has a ton of advantages for any company, from the directly measurable, like improved retention, to the intangible. One thing I’ve noticed—and I admit this is completely subjective—is that really revolutionary organizations have a very different vibe and worker energy than their dying counterparts.

One of the first advantages of a successful innovation program is that it encourages creativity and problem-solving across the board. When employees see that their ideas are valued, they gain latest confidence and enthusiasm to embrace creative pondering and problem-solving. Expect an influx of creative solutions to business challenges.

Creative environments that reward innovation—and never stigmatize failed innovation—boost morale and retention. Employees who have the means to contribute to and influence the company’s growth tend to develop into very loyal—especially when their efforts are appropriately recognized.

Employees come from very diverse backgrounds and bring unique perspectives. A young intern, receptionist, or truck driver will have insight and cultural awareness that a vp may not have. Their insight and perspective on market segments and gaps at the ground level can really drive organizational growth and adaptability. A collective culture of innovation prepares corporations to adapt to market changes and seize latest opportunities.

Culture of Innovation: Key Challenges and Solutions

In every business, there’ll (hopefully) be key breakthrough ideas that disrupt established practices, discover revolutionary latest materials, address unmet needs, or open up entirely latest markets. When corporations achieve a culture of innovation, they’ll find that almost all breakthrough ideas are the results of close collaboration inside and across teams.

Bringing together the right people, providing forums for them to meet, and allocating the right resources for R&D can increase the variety of breakthrough ideas. Diversity of talent, from different disciplines and backgrounds, may also increase the frequency of essential breakthrough ideas that reach beyond the core business.

There are lone geniuses who create breakthrough ideas, but my experience has shown that to ensure a regular stream of breakthrough innovations, you wish motivated teams working inside a structure, with ample resources and proactive leadership.

Take the first step towards an innovation culture

We live in a time of unprecedented technological advancement. It is the ability to foster a culture of innovation that separates winners from losers throughout the business ecosystem. Even established industry leaders will profit from worker engagement and retention, and a workplace culture that solves problems at every level and delivers unique ideas that open latest markets and introduce latest products.

You can take the first step toward a culture of innovation by adopting these proven principles that show success. This is easily one of the best programs of its kind I have ever seen, and it is a working template for other corporations to copy!