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Innovation? It Needs to Be Woven Into Every Aspect of Your Company’s Culture

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  • Two-thirds of c-suite execs predict that global conglomerates like theirs won't even exist in ten years. Innovation will be the reason.

Source | www.entrepreneur.com | Alex Goryachev

Last year, 2018, was an exciting one for innovation — but not because of all the futuristic technologies, gadgets and devices that hit the mainstream. In fact, while voice AI, self-driving cars and cryptocurrencies made headlines, something even bigger happened: Companies of all sizes finally began realizing that competing in today’s digital economy requires more than just a blueprint for the next gadget.

Organizations from large enterprises to startups began seeing innovation as a platform for their growth and very survival. They began to view it as a mindset and attitude that must be woven into every aspect of their company culture.

Personally, this was music to my ears, because my experience has taught me that innovation is about people with diverse backgrounds, ideas and opinions embracing entrepreneurship and co-innovating to bring new ideas to life.

Although 60 percent of companies surveyed for KPMG and Innovation Leader’Benchmarking Innovation Impact 2018 said they are still in the early phases of innovation maturity, I expect dramatic progress in 2019. Organizations across industries are slowly but surely figuring out the ingredients of an effective innovation program. They’re learning that they have to secure funding, build dedicated innovation teams and break down cross-functional silos for companywide collaboration.

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