Innovation is crucial for companies, yet many struggle due to a lack of an innovation culture. Only 21% of executives feel equipped to pursue new growth areas successfully.
In order to foster innovation, it must become ingrained in a company’s culture. This involves changing how innovation is perceived, and making it a daily habit rather than an exception.
Three strategies can nurture this innovation mindset:
- Make Time for Thinking at Work: Encourage employees to explore ideas during office hours. i.e. SAP implemented “Focus Friday” to give employees time for learning and pursuing ideas.
- Tap into Collective Knowledge: Innovation often builds on existing knowledge. Companies like Airbnb adapted during the pandemic by leveraging the collective skills of their employees.
- Give Permission to Fail and Re-wire: Failure is part of the innovation process. Companies should create a safe space for experimentation and learning. Regular review sessions can facilitate this process.
Turning innovation into a habit requires persistence and support from management. By modeling change and sharing inspirations, managers can encourage a culture of innovation. The long-term impact includes faster digital transformation, improved operations, and the opportunity to shape a more sustainable future.
