The Innovation Proclamation: Redefine Your Industry
Website design By BotEap.comKeep in mind that this is much easier said than done. Although organizations might gain a leadership position momentarily, maintaining it consistently is much more difficult to achieve. Furthermore, no company should wait to launch an innovation expecting the market to reward them with sustained growth and success. Instead, companies must continue with a series of radical innovations capable of leading the market.
Website design By BotEap.comTo me, many entrepreneurs don’t realize that how they innovate will determine what they innovate. Rather than leave the success of their innovations to chance, executives must use a combination of effective strategies based on fundamental rules.
Website design By BotEap.comWith this in mind, I’d like to share with you the interdependent rules of innovation that will help you redefine your industry:
Website design By BotEap.comRule #1 – Strong leadership
Website design By BotEap.comInnovative companies have strong leadership, period. To illustrate, just look at Apple and how Steve Jobs changed the company when he came back with creative innovations like the iPhone and iPad that changed our world. As Jobs passed away, Apple appears to be getting worse under the leadership of Tim Cook and his last two iPhone 5 (C+S) launches yesterday failed to appeal to the market, sending stock prices down ~5.8%. Therefore, it is imperative that your organization exercises strong leadership on innovation strategies, including portfolio decisions. Remember, clear instructions from the top of the organization permeate the entire company to motivate, support, and reward innovation.
Website design By BotEap.comRule #2: Integrate innovation into business models
Website design By BotEap.comSuccessful organizations embed innovation into their mindset and business models. These entities live and breathe innovation and ensure that it is an integral part of the way a company operates on a daily basis. By incorporating innovation into business models, including research and development (R&D) and new product development, entrepreneurs will increase their chances of innovative success for years to come. Remember the adage… out of sight, out of mind? Well, that’s right, so keep innovation in your sight at all times as you work to achieve organizational goals and objectives!
Website design By BotEap.comRule #3: Determine the innovation needed for your business
Website design By BotEap.comEach business must determine the amount, including the type, of innovation needed to achieve the company’s mission and vision. While innovation is the foundation of long-term success, it is not necessarily required at all times depending on the competition, market situation, product life cycle (PLC), timing of the latest innovation, and business strategy. Keep in mind that more innovation is not necessarily better. Therefore, entrepreneurs must determine the amount and type of innovation required that aligns with their overall business strategies and resources.
Website design By BotEap.comRule #4: Balance creativity with value
Website design By BotEap.comTo be successful, companies must be creative and offer value. This means developing creative innovations that continuously deliver value to stakeholders. The more creative and beneficial the product or service is, the better it will perform in the marketplace. So how do you balance the natural tension of creativity and courage? Remember that too much emphasis on value could stifle the creative process, and vice versa. It begins by developing a balanced and structured creative process capable of determining which management practices act as a creative stimulus and which practices hinder it. Once determined, you could use those management practices to design creative, value-packed products and services.
Website design By BotEap.comRule #5: Neutralize Threats
Website design By BotEap.comEntrepreneurs must also be aware of the many threats facing an organization’s innovation capabilities. Here is a list of some of the common threats to innovation that need to be neutralized and addressed:
- Senior managers who are complacent and resistant to change.
- Opposition from others because it is a radical innovation that goes against the status quo.
- Organizational culture without courage to change, explore and innovate due to leadership in the company.