Innovation

• Innovation in its simplest form is defined as "the introduction of something new."
• But what does it mean for companies today? and why is it important?
• Tips to start innovating today.
• How to create an innovative environment?

What actually is innovation?

The term 'innovation' is often used interchangeably with 'productivity'. But there is a big difference between innovative products and just throwing money at existing products. Innovative products are those that change how we live our lives.

Products like smartphones, tablets, and laptops. These innovations are changing the way we work, play, shop, learn, and communicate. But it isn't just about creating great products. Companies must also innovate in terms of processes, people, and culture.

Innovation is one of those words that people use without really knowing what it means. Some people think it involves big ideas that change the world. Others believe it’s just something you do because you want to make money. But there are three things that most people agree on: Innovation is hard; Innovation takes place inside organizations, and innovation requires collaboration. It is also about intentionally fostering outside-the-box thinking within a company environment, where employees are encouraged to come up with creative ways to solve problems. In each case, the goal is to foster creativity and encourage employees to think differently.

Why is corporate innovation management more important than ever?

Companies are beginning to realize the importance of innovation and are starting to embrace it. They're realizing the benefits of embracing innovation and reaping the rewards. According to National Center for Science and Engineering Statistics (NCSES), research and experimental development (R&D) performed in the United States business sector totaled $498,715 million in the year 2019. However, the estimated total for 2020, based on performer-reported expectations, is $531,941 million. Over a year, the total percentage the United States business sector allocated to their R&D to help with their corporate innovation practices is 6.2%

Corporate innovation is about spotting trends ahead of competitors. But it’s also about looking outside your own industry for ideas. In fact, innovation is one of the most important drivers of growth for many companies today.

So why isn’t everyone doing it?

Innovation is hard work. It takes time, money, and resources. And it requires you to think differently. You must make decisions based on data, not gut instinct. This is where startups come into play. They disrupt established industries by creating innovative products and services.

Startup culture is thriving because it gives people the freedom to try something different. If it doesn’t work out, they move on quickly. But big corporations aren’t built like that. They tend to stick with tried-and-tested methods. As a result, they miss opportunities to innovate.

That’s why we believe that innovation needs to start inside organizations. Why not use the same mindset that makes startups successful? Instead of waiting for someone else to do it, why not take matters into your own hands?

If you would like to read the full guide please download it below.