Why Innovation Is Key To Transformation
Innovation is the fuel of entrepreneurship. It is also the lifeblood for company transformation. And innovation drives change, and change separates great from mediocre.
In my opinion, leaders play a critical role in creating the right environment for innovation to flourish. Leaders often look to mold innovation at the company level, but equally, they can inspire openness of thinking and ideas at a personal level, and with millennials in the workforce.
Leaders should always encourage innovation. Listen to what others in your company have to say, and reward them for their courage to bring it forward.
Innovation is very important in the transformation process, as innovation brings new idea’s, technology, and partnerships that further the company for long term.
The Innovation Perspective
Innovation is often “hiding in plain sight,” which requires a specific “Think Tank” to bring it out.
Consider the challenges of trying to innovate the following commoditized products: paint, glass, and duct tape. These companies have been around for decades. For decades, industry leaders did not see a way to innovate on those products and increase their revenue.
Look at these 3 companies and how they innovated.
- Sherwin-Williams developed a square, stackable, pourable paint container that revolutionized the industry.
- Corning innovated away from cookware to fiber optic cables, flat-screen TVs and biotech lab tools.
- Duck Brand duct tape breathed new life and profitability into the category with fashion-focused line extensions in a rainbow of patterns and colors.
In each case, the opportunity for innovation was always there — anybody could have innovated at any time but didn’t. It took visionary leaders to create an environment where others within the company could see the opportunity that was right in front of their eyes, explain it further, present it to company leaders, and then take action on it.