How to Create Market Domination Through Innovation

UPenn’s Wharton School offers CEOs an Innovation Matrix—a blueprint of action steps that business leaders can follow to drive innovative thinking in their organizations. For Wharton’s four action steps, click here.

Inc. magazine offers five ideas for fostering innovation in your firm:

1. Get some idea scouts;
2. Create a task force;
3. Listen to industry, smartly;
4. Foster brainstorming and collaboration among your staff; and
5. Maintain your company’s long-term vision.

For more detailed information on Inc.’s five ideas, click here.

3. Thomas Koulopoulos, author of The Innovation Zone, says that every company should have a designated “Innovation Zone” where ideas are identified, evaluated, protected, nurtured and developed. These don’t necessarily have to be new product ideas, he says, but can and more often are about process improvements. Kouloplous suggests that all good ideas should be rewarded. To purchase a copy of The Innovation Zone, click here.

4. Is your idea stuck and unable to move forward? The Haas School of Business’ Garwood Center for Corporate Innovation (at UC Berkeley) maintains Haas@Work, a program which employs teams of student consultants who develop innovative solutions to business problems. In addition, the Project on Business Model Innovation offers grants for research that focuses on solving challenges associated with new business models. Read more on the school’s website here.

Don’t hesitate to reach out to your employees for new ideas and problem-solving, too. Their perspective may be just what is needed to find that next great product or service.