Years of cost-cutting and focus on process excellence have created in many firms a culture that is focused on operational excellence and risk avoidance. For innovation to succeed as a corporate objective, the culture must change to accommodate the risk and uncertainty that accompanies an innovation focus. Luckily, several important levers can help you change the culture, as Jeffrey Phillips explains.
One of the problems that many large organizations face is how to innovate successfully within the confines of a massive, bureaucratic operational structure. Nowhere is this more apparent than in the area of research and development, where small, entrepreneurial firms routinely do end runs on large companies will multi-million dollar research budgets.
In most business ideas, there is a direct correlation between how audacious and risky an idea is and its innovativeness and reward potential. In this article, Jeffrey Baumgartner explores the relationship between audaciousness, risk and reward, and provides some advice on what the right mix is.
To what extent does an employee work – and innovate – to benefit the organization and to what extent does she work and innovate to benefit herself? Senior managers would like to believe that employees are a team of selfless workers who – in exchange for a monthly wage and odd benefits – work exclusively to the benefit of the organization. As the organization grows, the employee receives promotions, salary increases and additional benefits that encourage her to continue serving the company 100%.
Often, organizations have a tendency to turn innovation into a highly complex system involving numerous processes, approaches and models. Here's a little secret: It doesn't need to be complex to be effective.
