5 strategies for making innovation happen

by. Anne Legg

Some businesses are known for their ability to innovate. One that quickly comes to mind is Apple, which has made innovation a cornerstone of its success over the past two decades. Another is 3M – the creator of Scotch tape, Post-it notes, a wide range of abrasives and laminates, and so much more. Founded in a small Minnesota town in 1902, 3M produces more than 55,000 products, employs over 88,000 people and sells products in more than 196 countries. Over a recent 20 year period, their gross margin averaged 51% and their return on assets averaged 29%.

How do organizations like these continue to innovate so consistently and effectively?

The answer is simple: they make it a priority.

Many organizations say that innovation is a strategic priority, but the only those that walk their talk reap the benefits consistently. Here are five ways you can set the conditions for innovation, no matter what industry you’re competing in.

1. Make innovation part of your organizational culture.

If you want employees to innovate, you have to create an environment that encourages new ideas. Provide opportunities for employees to learn and share. Look at failures as the starting point for exploring different possibilities. Reward creative problem-solving and initiative. If your only focus is on completing day-to-day activities in order to reach current performance goals, you’re sending employees the message that the only thing you value is the present.  Make sure employees understand both near-term and long-term goals and how innovation fits into the big picture. Toyota’s growth has come as much from innovations in manufacturing and systems control as it has from vehicle innovation.

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