Question: What defines innovation and what can I do to promote innovative thinking in my business?

A collaborative survey of innovative products and services conducted over a five-year period identified key underpinnings of an innovative business culture (see www.london-innovation.org). These were:

Inspire:

• Have a clear mission that all employees understand and support.
• Constantly reinforce the importance of innovation, design and creativity.
• Ensure that a culture of trust and respect pervades the entire organization.
• Celebrate success and provide support in failure.
• Give people the freedom to perform against stretching goals.
• Develop people to meet the needs of the organization.
• Reward and recognize talent and commitment.

Create:

• Have a formal or informal system for encouraging and capturing all ideas.
• Extend the company's team structure to external partners.
• Ensure senior management adopts a "hands-ready" support role.
• Manage risk effectively on a progressive basis.
• Ensure intellectual property and competitive advantage are well-managed.
• Effectively manage the financing of innovation.

Connect:

• Have a well-managed process for staying close to customers and markets.
• Regularly review markets and competitors to seek competitive advantage.
• Turn regulation and legislation to business advantage.
• Fully exploit the potential of the Internet and e-business for communicating with customers.
• Always compete from a position of strength with distinctive innovation.
• Ensure the value chain is constantly under review.

The London Innovation organization also listed their top-10 tips for introducing innovation and creativity into a business. These include:

• Turn dissatisfaction or frustration with an existing product or service into a new idea.
• Ask customers (existing and potential) what they want and don't want.
• Be restless, outward looking and unreasonable.
• Do not let the cynics get to you, especially those who "know" why your idea will not work.
• Capitalize on your inexperience by thinking without constraints and out of the box.
• Be passionate and have faith in your product.
• Let threats to your business drive your innovation.
• Use the knowledge in universities and research institutions to help you innovate.
• Utilize business networks to exchange ideas with other businesses and partners.
• Learn to expect failure on the way to success.

Source : OrlandoSentinel, here.

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