A broad set of conditions must occur in your business to have an Innovation Culture. Inspiring an innovation culture stems from the attitudes of the leaders in your organization. Here is a list of some of the most important values and conditions being encouraged by management in the companies with the strongest innovation culture.
Characteristics of Companies with an Innovation Culture
- Innovation is a Top Priority of Management and is consistently kept top of mind
- Management Takes On and Promotes Innovation on a Daily Basis
- Management Asks for Innovation from Every Department in the Company
- Innovation Focused Businesses are Willing to Invest Heavily in Innovation
- Management Measures Innovation on a Regular Basis – the number of ideas and the success and failure rate of the ideas being presented.
- They Recognize and Reward Innovation and Innovators Within the Company on a regular basis
Key Factors to Help Understand How Innovation Cultures Operate
Although having an innovation culture can mean having a very different focus for different companies, there are some fundamental thought patterns that seem consistent and here they are.
Companies with strong innovation cultures design with youth in mind and understand that youth is the driving force of an innovative culture. Young consumers taste is shifting at a faster and faster pace. They expect innovation to happen rapidly and they demand newer, better and cheaper products at warp speed.
China Is A Player
They don’t underestimate China as a driving force for innovation. The days when China was simply copycatting American ingenuity is over. Chinese companies like Alipay and WeChat are dominant innovative giants that make even companies like Facebook envious. If your company is still ignoring
China as a competitive threat, you’re not watching what’s happening.
Innovation can mean taking an innovative concept that is working in one industry and expanding it into another related industry. An example is how Airbnb has been taking its success and moving into bookings and ticket sales.
Innovation can also mean taking something boring like mattresses and turning the industry upside down by changing the way the business operates within the industry. Casper introduced a direct to consumer online sales model and is now dominating the mattress market.
Speed Is Measured
Innovative companies pay attention to two important rates of speed. The speed at which they are developing new products and services and the rate at which they can deliver them to market. Lean and Efficient in their Product and Service Development. They don’t just work hard, they work smart.
A Focus on High Tech
Being Tech-savvy is a focus. Many of the companies are focused on products and services that are already consumed at a great rate and the companies are finding ways to use technology to create new, faster and more efficient ways of solving old problems.
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