This is the super shorthand version of the content we cover in a day in the Innovating to Compete in a Global Economy workshop.
15 Key Messages.
- We live in the innovation age. Innovation is essential – that is a given. If you don’t think so then ... I hope you and your employees are ready to retire.
- Not only is innovation essential but you need to be innovating faster than your competitors.
- Think global! Businesses with a global focus grow faster and innovate faster than domestically focused businesses.
- Competing on the basis of innovation offers an alternative to competing on the basis of price and quality.
- Our definition of innovation has evolved. Whereas once we thought of innovation as breakthrough inventions and new technology, today it is as much about:
- New products – which can be a synthesis of existing ones
- New markets – adapting and customising existing products and services for different niches
- New delivery methods – finding clever ways to take your product to market or even creative ways to market your business to get attention
- New ways of systematising processes within the business that lead to greater efficiencies and productivity
- Business model innovation that creatively leverages a company’s core competencies, can put you way out in front. This is about HOW you do business rather than just what business you do.
- The opportunities brought by the new globalised marketplace outweigh the threats and pressures if a business is adaptable.
- The 3 drivers of innovation in organisations are mindset, climate and open communication channels internally and externally.
- Innovation is the responsibility of every person in the organisation not just the leaders.
- Creativity and creative problem-solving are an essential precursors to innovation in business.
- Creative thinking is the new number 1 core leadership competency.
- Giving people some good training and professional development in creativity and innovation skills pays off big time for the business.
- Innovation doesn’t have to cost a lot of money.
- Innovation will happen easily if it is an embedded into the DNA of the organisation and not treated as an ad-hoc add-on.
- Innovation Edge can help organisations and businesses to get started and/or accelerate their innovation journey to improve competitiveness, profitability and sustainability. Contact us directly on admin@innovationedge.com.au or via our website contact form.