Building a culture of innovation can bring the difference between success and failure in today’s highly competitive environment. Nurturing a culture that promotes innovation improves employee engagement and better solutions to challenges.
The key to building an ecosystem for innovation is to make innovation a part of work life. Most modern businesses agree that innovation is the key to their success. Employees, when encouraged, feel challenged, integrated and valued which in turn, brings improved employee performance and job satisfaction.
In an innovation ecosystem, respecting failure is as important as recognising success. It is about creating a culture where employees don’t fear of failure and new ideas are heard. It is an environment where employees actively take measured risks for innovation.
Failures and success are two sides of the same coin and one should be ready for failures before establishing an Ecosystem for Innovation. Failures are an important part of the process to develop that Ecosystem. Failures provide that learning experience to get to that stage where innovation is a habit. Every idea will not lead to success and therefore businesses should develop policies such that it is simple to understand and embrace failures.
Innovation is good and brings value to the business, but, building this Ecosystem for Innovation is not an easy task. There are many strategic ways and ideas to drive innovation and develop this innovation culture at various organizational levels. I am listing a few key actions that will help in creating an ecosystem that inspires innovation.
• Make every Individual responsible for Innovation by empowering them at their level.
• Make resources available to establish feasibility.
• Implement a process for Innovation that everyone can use.
• Motivate everyone to go beyond developing standard requirements and make Innovation a culture.
• Welcome new ideas and build a system where everyone feels Inclusive.
• Recognise success and embrace failures. Today’s failure is tomorrows innovation.
• Create a supportive environment and build trust among employees.
• Create a space that helps collaboration and open discussion.