Bite-Sized Blogs

Innovation in a Nutshell

Dr Irena Yashin-Shaw PHD - Tuesday, April 23, 2013

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.

  1. 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.
  2. Not only is innovation essential but you need to be innovating faster than your competitors.
  3. Think global! Businesses with a global focus grow faster and innovate faster than domestically focused businesses.
  4. Competing on the basis of innovation offers an alternative to competing on the basis of price and quality.
  5. 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
  6. 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.
  7. The opportunities brought by the new globalised marketplace outweigh the threats and pressures if a business is adaptable.
  8. The 3 drivers of innovation in organisations are mindset, climate and open communication channels internally and externally.
  9. Innovation is the responsibility of every person in the organisation not just the leaders.
  10. Creativity and creative problem-solving are an essential precursors to innovation in business.
  11. Creative thinking is the new number 1 core leadership competency.
  12. Giving people some good training and professional development in creativity and innovation skills pays off big time for the business.
  13. Innovation doesn’t have to cost a lot of money.
  14. Innovation will happen easily if it is an embedded into the DNA of the organisation and not treated as an ad-hoc add-on.
  15. 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.
Trackback Link
http://www.innovationedge.com.au/BlogRetrieve.aspx?BlogID=8703&PostID=336743&A=Trackback
Trackbacks
Post has no trackbacks.

Recent Posts


Archive