Saturday, June 24, 2023

Innovation

Innovation is not serendipity, but a discipline. Being innovative is a growth mindset and a proactive attitude.

Innovation is about how to transform fresh ideas to achieve commercial value. It takes time to ride the innovation curve. It is particularly important for building innovation as the differentiated business competency, scale innovation effort, and accelerate its speed. 

If shareholders valued innovation more, and then, they would value companies that devote more resources to future innovation more than those that optimize short-term profits.

It’s important to mix hard and soft elements in forming innovation management formulas: Often, innovation is a collective activity; we need to do much better with cooperation - sharing knowledge and experiences. And thus, gain a unique understanding of surroundings, generate creative energy, and catalyze innovation. Leaders who encourage innovation enhance a learning-experimenting-innovating cycle; figure out customized innovation management formulas.

In business, complexity both drives innovation and also hinders it. This leads to the search for simpler concepts. Rules are more temporal; progressive organizations love breaking old or hidden rules. One of the critical factors to having an innovative organization is to make sure you have a feedback organization. If this is so, you could say that every corporate venture comes with innovation themes and the art of business management is to unlock the full business potential.

It’s important to build a creative workplace in which people can update knowledge, share fresh ideas, and build a highly innovative organization: Often, organizations can no longer survive in the “we always do things like that,” mentality or rely on a single individual or team to drive innovation. They present abilities to inspire employees to take risks, learn from mistakes, demonstrate courage to explore emerging opportunities, experiment with creative ways to do things consistently.

To inspire innovation, you need to understand how people encounter, observe, or undergo their stage of experience, and then, come up with innovative ideas, as well as how to implement them smoothly. The team's opportunity to innovate is limited from the start of the initiative, the level of business fluidity, people-centricity, and maturity. It’s important to harness innovation management processes and understand the horizontal, cross-functional operations of the organization.

Innovation garden development not only takes passion but also needs the process and hard work to rise above the learning curve: Humans plant innovation seeds, grow innovation fruits. The more fertile the soil, the better nourishment the innovation plant products will be, and there are better opportunities to nurture organic innovations. The wise investment of advanced technologies can be truly helpful to drive business demands such as increasing employee creativity, enforcing collaboration, and harnessing innovation.

Innovation process should enable focus on the most attractive opportunities. Innovation management is not just about generating innovation/ideas, but rather the processes to take ideas to generate value. Since the value lies in the contributions of the individual to the organization. You can't always wait for the "best" solution to emerge, risks should be quickly discovered, to drive systematic innovation.

There are a lot of confusions about innovation and there is no magic sauce to guarantee its success. Innovation is not serendipity, but a discipline. Being innovative is a growth mindset and a proactive attitude. There are all kinds of differences that exist between individuals, teams, industries, geographical regions, etc. The focus of inclusiveness needs to focus on perceptions, competencies, experiences in bridging a variety of gaps and improving collaborative innovation.


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