Innovation and evolution are paramount in making your business future-oriented and successful. Fostering the culture of generating new ideas to revamp the current business process encourages creativity, risk-taking ability, and continuous improvement thereby empowering employees to think outside the box and come up with groundbreaking solutions. One of the examples behind the adoption of embracing the culture of innovation is Amazon wherein the place was declared as the best workplace due to their culture of empowering employees to be innovators.
Top CEOs and thought leaders play a pivotal role in fostering such innovation within the organization’s culture and across the business verticals. Through this blog, the readers are presented with knowledge and insights from top CEOs and thought leaders on unlocking innovation within and outside the organization;
Embracing Failure As A Stepping Stone To Success
From the insightful mind of our Indian business tycoon Ratanji Tata, “Every failure by an entrepreneur should be turned into an opportunity”. The Indian industrialist is of the view that entrepreneurs should develop an opportunistic mindset to combat any crisis. He cites an example of World War wherein cities were under a state of fire, manufacturing units were disabled and the city came to a halt it was only during those times that technologies were developed.
Therefore, entrepreneurs should internally always develop a vision of turning any downfall into an opportunity. Every leader in the organization should imbibe a culture and mindset of development mindset to consider failure as a stepping stone to success thereby creating a culture of experimentation which may lead to breakthrough innovations.
Cross collaborations are a driving force behind most of the innovations since diverse perspectives and expertise can fuel innovation thereby bringing individuals with different backgrounds, skills, and experiences together. The leaders in the organization can develop cross-collaborations either inside or across the disciplines thereby leveraging collective intelligence to tackle challenges and drive transformative innovation. The classic example of innovative collaboration is the collaboration that took place between boAt and Netflix. Due to the struggle faced by Netflix to gain subscribers in India, the leaders of Netflix collaborated with boAt wherein consumers were offered sound gadgets like headphones, wireless earbuds, and wireless neckbands as limited edition products on purchase of these gadgets consumers were entitled to Netflix Fan Events, tickets, Netflix merchandise and discounts on boAt product.
This innovative collaboration created a deeper tie for Netflix with the Indian market by providing buzz-generating activations thereby gaining Indian subscribers.
In conclusion, to unlock innovation a multifaceted approach needs to be adopted both by the leader and organization as a whole. By nurturing cultural innovations, embracing failure as a stepping stone to success, and leveraging internal and external collaborations, the company can unlock its innovative potential in today’s dynamic business environment thereby leading the business with a futuristic approach.