How to Leverage Innovation & Ideas at the Company Level
There are many strategic ways transformational leaders can direct innovation and ideas to get the maximum effect for the transformation process & get the company to flourish.
Here are 3 ways I suggest leaders can cultivate innovation from within your company.
1. Reward others for their innovation
Promoting innovation and ideas should be on every leader’s mind. Millennials and employees should focus on reaching the next level in their careers and encourage innovation. Compensate innovation and the vision it takes to think of something great like that. I know that from within your own company there are many innovators just waiting to come out of the woodwork.
So, encourage it and reward your valued employees.
2. Get creative with joint venture partnerships for innovation.
Vijay Govindarajan has written a book about how companies can inject creativity and innovation into their organizations through joint ventures, competition, and acquisitions of assets from outside the company. Some noteworthy companies are Disney’s gem acquisition of Pixar, for example, which got Disney’s innovation engine into high gear.
I also mentioned previously that reverse mentoring millennials was key to transformation and also key to spur innovation, from within your company.
3. Allocate time to allow for innovation.
Innovation takes time, so allow for it in your transformation plans moving the company forward.
In 1948, 3M launched its 15 percent program, where 15 percent of employees’ time was dedicated to innovation. And then there was the Post-It note that was invented during 15 percent innovation time they allocated. Large companies such as Hewlett-Packard and Google have seen the advantages of setting aside time to innovate, and blueprinted this approach. Gmail and Google were innovated when the company dedicated 20 percent of the time to innovation.