Six factors toward innovation

Six factors toward innovation

Innovation isn’t just a buzzword…it’s an imperative of survival in our rapidly changing world. In fact, our friend Peter Drucker had this to say on the importance of innovation:

“Business has only two functions — marketing and innovation.”

Because we see the body as the most appropriate metaphor for leadership and management, it’s led us to create a list of six important factors that bring organizations toward (or away) a culture of innovation.

  • Purpose. Organizations that involve change and innovation in their “why” are naturally set up to pursue innovation.
  • Values and cultural norms. If your organization values diversity of opinion as well as taking risk, you’re more likely to innovate.
  • Flow of information. Is your business’s knowledge easily collected and shared to others? To the degree it is, it’ll be easier for you to innovate.
  • Diversity of thought and experience.Tough problems call for unique solutions and unique solutions come from diverse backgrounds.
  • Financial model. This is rarely discussed, but often applicable. If your business model has financial leverage and gives you time to “think”, you’re more likely to be able to innovate. Consider Google – they have this luxury because their primary products make them money while they sleep.
  • Leadership. This was on our list for collective intelligence as well. Innovation happens when creativity goes up and anxiety goes down. Good leadership ratchets anxiety down a notch.

What else would you add? Share your thoughts in the comments.

Want to explore the topic more? Check out our other post on innovation as well as our podcast on the topic.

Categories: Capability, Culture, Process, Structure

Have Something to Say?
Already have an account? Log in.

Your email address will not be published. Required fields are marked *