Creative innovation is a technique of turning new ideas into commercial success. A recent Lab2 innovation survey revealed that 84% of respondents believe that it is remarkably important that the company they trade from is innovative. Hence, it's essential to be innovative to satisfy customers and adapt to external challenges quickly.
Therefore, we have mentioned some strategies that businesses can opt to bring innovation culture in their workplace -
1. Be curious and gather more information
Market chiefs can't act as market leaders unless curiosity to learn and gather new information is not their thing. A leader must keep his eyes open to identify current market trends, spot new opportunities, be aware of their competitor's Strategies. Having a good archive, interaction with partners in workshops and seminars, conferences, trade meetings, etc., will keep the company up to date.
2. Recognize innovation opportunities
Acknowledging why a product is not doing well in the market and among existing customers will lead you to innovate the product idea and check what works for its successful sale. Understanding why customers might be attracted to your rival company will lead you to think of better offerings for your consumers than what they are receiving from other companies.
3. Look broader, beyond the industry, for ideas
Most often, the promising ideas for your innovation framework need not originate from your own industry but from other industries. For example, Henry Ford started the concept of moving assembly lines after being inspired by the meat processing industry, which changed the entire dynamics of the automobile industry in terms of deployment and labour volumes. The companies should have an in-house innovation team that frequently scouts for other businesses' ideas to incorporate them into their area.
4. Foster an innovative environment
Is your business open to adapt changes or want to do business in an old-fashioned way? If the top administration is not flexible to change, it will go down the hierarchy, and innovative concepts won't come up. The innovation team must have frequent meetings to carry brainstorming sessions.
If possible, involve an entire team of employees for getting assistance and new ideas from the entire talent pool. Each individual has his ideas, talent, and experiences.
5. Innovation need not be about products but the workplace also.
Most people relate innovation to the development of a new product. Still, they fail to recognize that the association's better practices and processes can boost the firm's profits and productivity. A poor workplace atmosphere leads to lower motivated employees, hence results in lower outcomes for the firm. The workplace should not have dull walls and cubicles.
Offices can have play areas, open kitchens, coffee bars, creches, libraries, themed conference rooms, and several other innovations to give workers a happy environment to boost productivity.
6. Run a contest, scout for ideas from colleges
Young minds undoubtedly thrive in creativity. Students can be a company's best advisors on how to sell their products innovatively. Some companies do run contests for the public or in colleges, offering monetary rewards. The best ideas can get licensed and commercialized.
Innovation is not just for start-ups but also market leaders. Innovation can occur in any association where the cultural mindset is pitched to discovering solutions to problems creatively. That’s where an educational institution's role comes to fosters the students to be more innovative and take their companies to heights.
With a curriculum specially designed as per industry requirements to tickle innovation, MIT ID Innovation is one such leading institution that strives to achieve the best in students. So, if you are looking for an elite institution, MIT ID Innovation is a worthy investment.