4 Tips to Build a
Culture of Innovation.
Peter Aceto
President & CEO at Tangerine Bank
Here’s what I know for sure. Change is constant.
Businesses grow, or shrink. And we all evolve.
So you have two choices: You can sit and watch the
transformation happen,
or you can be an active participant.
Alan Kay said it well, “The best way to predict the
future is to invent it.”
I’ve always been fascinated by innovation. Consider
Google, Netflix, Apple or Uber
and how each has revolutionized their respective
industries.
Do you ever wonder why Blockbuster didn’t invent Netflix?
I do.
I doubt that it’s because of a lack of ideas. But I’m
certain that a number of businesses
don’t fully comprehend that success today does not mean
success tomorrow.
Innovative businesses are those nimble and courageous
enough to drop old strategies
and adopt new ones. There’s no question that innovation
can be a real challenge,
but without it you will be left behind. If you’re not
coming up with the next big thing
(or many small things), your competitors are, and faster
than you can blink.
So how do you find the next big thing? You listen. You
observe. You try. You fail.
You adjust. You try again.
“To have a great idea, have a lot of them.” Thomas
Edison was right. Ideas are everywhere,
and you don’t have to look any further than your
immediate stakeholders – your employees
and your customers. Out of 10 ideas, whether gigantic or
small, one may be key
in either enhancing an existing product, transforming
your business or potentially an industry.
Innovation is a big deal. Lately, it is even the currency
for business success,
particularly in the transformative world we live in
today.
If you’re not igniting the innovation spark in your
organization, what’s the alternative? Do nothing?
I think you know what happens to those businesses.
If there’s a magic formula that will produce breakthrough
solutions, every employee
in your organization should want to find it. But quite
often, businesses get in their own way.
Here are a few suggestions and tips for what you can do
to cultivate a culture of innovation
in your organization.
Remove the hierarchy obstacle. In other
words, foster autonomy.
The best ideas come from those closest to customers, and
traditionally executives are furthest away. Let others hold the keys to
decision-making and allow for cross-functional roles
to ensure a well-rounded view of industry and customer
needs.
Let mistakes happen. Be
comfortable with the mistakes,
because failure is an important lesson. It helps modify
and adjust ideas and reassess objectives.
But don’t fail too often because you risk losing your
confidence.
Simplify the strategy as much as possible. Involve more
people early. Make incremental changes.
Allow time for adoption. Comfort around
change is not expected. You may experience backlash, particularly if the
innovation involves behaviour change, but human beings do adapt.
In the words of Steve Jobs “People don’t know what they
want until you show it to them.”
Balance speed and thoughtfulness. Getting
something done is good.
Getting it done right is better. You shouldn’t need 18
months to execute a new strategy,
but you do want to be mindful of making hasty decisions.
Don’t let speed cost you a great idea.
Fight for quality.
I've shared the following video previously but it worth
repeating here
https://www.linkedin.com/pulse/4-tips-build-culture-innovation-peter-aceto
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