Innovation Is The Key To Sustained Success

The fear of failure can stifle innovative spirit, ultimately leaving room for competitors to steal market share. Here's how to get past that.

Most corporations aren’t structured for innovation. Their policies and processes are built around operational excellence and not creativity. Because of this, sometimes they have to look for ways to make that creativity happen.

For instance, General Motors looked to outside organizations for innovation, partnering with a variety of small enterprises and educational institutions to gain insights into new technologies, skills training and cultural issues.

What drives monolithic corporations to seek help with innovation? Often, the fear of failure, which can prevent them from pursuing ideas and stifle their own innovative spirit, ultimately leaving room for competitors to steal market share. This is where innovation programs come in.

Our company frequently hears concerns from corporations about keeping and attracting talent. Because they fear that startups will poach their employees, innovation programs offer a solution. They let the corporation reach out, work with the best and brightest, and provide stability to potential innovation partners.

Corporations also face the reality that ideas could end up in the hands of a competitor, but having a deeply engaged and committed team offers reassurance in the face of this risk. The best team will compete by bringing the best products to market, never by sharing proprietary ideas.

With only 45% of corporations engaging in the startup space—and the majority of those not doing it well—a solid innovation partnership gives companies an edge over the competition. But how do you get started?

How to Find Innovation Within and Beyond

1. Product innovation. Ask employees for their input, and don’t stop at the product development team. Seek opinions from people across your organization. One of Frito-Lay’s hottest commodities, Flamin’ Hot Cheetos, came from Richard Montañez, a janitor with a 4th grade education level. He proceeded to rise through the corporate ranks all the way to the executive team.

2. Operational innovation. Innovation can impact seemingly mundane areas of business, too. One healthcare organization we worked with was looking for a simple way to improve a specific operational issue: Hospital staff weren’t getting enough time to eat their cafeteria lunches. In response, the organization is looking at an app that allows staff to preorder food and arrange times to pick up it up. It’s a simple solution that has the potential to have a high impact on morale and a low impact on cost.

3. Looking outside the organization. You can find innovation in outside partners, too. XPRIZE is a nonprofit that creates and manages competitions to solve challenges with businesses. In one case, Vor-Tek Recovery Solutions, an organization working to clean up oceans, needed a big idea for how to do it. While getting a tattoo, the CEO told the artist about his problem, and they came up with some truly creative ideas. The tattoo artist joined the company and ended up almost winning an XPRIZE for finding faster ways to clean up oil spills.

The primary challenge organizations will face in the future isn’t disruption—it’s failure to respond to the accelerated pace of business. Innovation is key if corporations want to grow and succeed in the marketplace today.


MORE LIKE THIS

  • Get the CEO Briefing

    Sign up today to get weekly access to the latest issues affecting CEOs in every industry
  • upcoming events

    Roundtable

    Strategic Planning Workshop

    1:00 - 5:00 pm

    Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process

    Executives expressed frustration with their current strategic planning process. Issues include:

    1. Lack of systematic approach (70%)
    2. Laundry lists without prioritization (68%)
    3. Decisions based on personalities rather than facts and information (65%)

     

    Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns.  They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning.  Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process.  This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented.  If you are ready for a Strategic Planning tune-up, select this workshop in your registration form.  The additional fee of $695 will be added to your total.

    To sign up, select this option in your registration form. Additional fee of $695 will be added to your total.

    New York, NY: ​​​Chief Executive's Corporate Citizenship Awards 2017

    Women in Leadership Seminar and Peer Discussion

    2:00 - 5:00 pm

    Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations. 

    Limited space available.

    To sign up, select this option in your registration form. Additional fee of $495 will be added to your total.

    Golf Outing

    10:30 - 5:00 pm
    General’s Retreat at Hermitage Golf Course
    Sponsored by UBS

    General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.

    The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.

    To sign up, select this option in your registration form. Additional fee of $295 will be added to your total.