Business innovation and growth
Building a Growth Engine: The six things high-performing companies do to achieve innovation leadership
eBook: 32 pages
What Do We Mean By Innovation?
Very simply, innovation is about the Making of the New. It is a vital business process behind the growth of companies and economies.
Yet many businesses struggle with this idea.
If we told you that 50% of all growth comes from innovation activities, do you feel good or a maybe bit nervous about what you are doing to deliver new offerings to your customers?
The prize is long-term growth for your company by repeatedly delivering new and valuable products, processes, services or ways of doing business to the market.
Innovation occurs at three scales; through incremental improvements, radical departures within existing markets or by game-changing disruption. Successful innovators move beyond only “R&D” to harness the entire organization’s creativity.
Should You Care? It’s an ongoing hot topic with the world facing continued economic uncertainty. Companies may struggle to compete and renew their offerings.
Key Elements of High Performance
So, innovation must not be left to blind luck and it is much more than having only good ideas. Too often companies are let down by poor leadership, strategy, weak processes and culture.
The best performance is delivered by connecting the parts of your Growth Engine.
Do you want to improve innovation results?
We call the journey towards great innovation performance Building a Growth Engine. It comes from making a choice to improve and working diligently on areas of improvement. It may not be a quick fix – and you have to commit to the programme!
But, how can you build a Growth Engine?
Systemic innovation acts on all components of your innovation engine, but more, it unlocks more-than-the-sum-of-the-parts performance to deliver results.
We have learned from companies that have journeyed from struggle to success and become effective, in sustaining growth over the long term.
How to Build a Growth Engine
Fundamentally, it’s about making a positive choice and working to make the necessary changes stick. Take these specific actions to enjoy high innovation performance.
- Identify the current state of the innovation system and intervene to improve it.
- Embark on a process of opening the innovation system and collaborating through fruitful partnerships.
- Install an innovation infrastructure to make decisions and facilitate improvement.
- Train innovation staff in the appropriate tools and techniques.
- Sensitively manage the hard and soft changes in a determined way, backed up by top-level commitment.
A quick and highly impactful read that could transform the way you organise your company’s innovation efforts to enjoy new levels of performance.
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Rob Munro delivers strategic innovation services to companies, universities and government agencies giving business and innovation leaders the practices, tools and confidence to achieve best-in-class innovation results. Please contact me to discuss ways to bring greater effectiveness to your innovation processes.
Read more about my service to organisations for innovation planning in improving innovation results.