Innovation is no longer an option – it’s a necessity
This article is the first in a three-part series on innovation in Nevada’s business community.
We often associate innovation with start-ups and entrepreneurs – risk-takers who bound into the unknown with a cutting-edge product or service that appears to take the world by storm. The word “innovate” actually means, “something new or different… introducing new means or methods.” When you research the effect innovation has on society, you get a complex view that demonstrates how positive impacts gained through innovation are achieved only when new ideas and concepts are adopted by motivated people. So how do we go about making that happen?
Innovation in a large business setting
Theoretically, large businesses would seem best situated to being innovators. After all, they often have greater access to capital and can afford to attract top talent. However, large companies can be burdened by their size in this arena. There are often boards, shareholders, partners and layers of management hierarchy in place. Given this internal structure, the introduction and implementation of new ideas can often take time to come to fruition. The key to innovation in large companies? Development of individual talent and elimination of self-imposed corporate roadblocks. How to overcome these obstacles?
Empower employees. Many employees are fearful of job loss and are unwilling to rock the corporate boat, even if it’s with the best new idea since sliced bread. Eliminate the fear and create an open environment where all ideas are welcome and encouraged.
Develop a system whereby ideas for new concepts are routed directly to a top decision maker in your company. Don’t let them flounder in middle management or subject them to endless committee routing. This approach also eliminates the “co-opting” of intellectual property by unscrupulous employees.
Fast track the best of the best ideas and move them quickly through a vetting process. Obviously you don’t want to jump head first into a brand new product or promotion without first considering ramifications. However, now is the time to reassess your system for bringing new ideas into play.
Make a company-wide commitment to overcoming obstacles. A serious detriment to innovation is hitting a roadblock and stopping, rather than looking for a way around. Upper-level managers must cultivate innovation as a skills strategy among team leaders. Roll-playing sessions that characterize problem solving and analytical thinking skills can expand critical reasoning abilities among employees.
Use the resources of your larger size to help you innovate, rather than slow your progress. This may mean re-thinking the “old” ways of operating, but it could very well be the saving grace for your long-term corporate viability.
In future columns, we’ll look at innovation in business from the perspective of small business owners and entrepreneurs.
