Innovation is an evergreen topic.

Innovation is a requirement to stay competitive in business. Going further, there are multiple studies saying that innovation is a pre-requisite to maintaining your existence in an ever changing economy. For some the word “innovation” is code for improvement, for others it means change. While others see it as a way to bring about something completely new.

Innovation doesn’t necessarily equate with invention – but the mindset of an inventor is an aspect of innovation. Its a component of successful innovation.

Think about it this way.

There are four broad types of innovation:

1. product
2. process
3. position
4. paradigm

But underlying each of these is time & effort. For innovation is indeed the “successful exploitation of new ideas”. It is not only coming up with new ideas about products, or processes used in your business. But its about successfully exploiting these ideas.

Now, in thinking about the creation of the conditions for successful innovation. Consider the following:

• do you accept the need to innovate, what is your attitude toward innovation?
• are you indeed open to new, are you curious?
• are you comfortable with the fact that other’s ideas may be better?
• do you understand that successfully innovating takes time and effort?

And so, as you are consider these four conditions for successful innovation, you may well find that you need to develop and refine your organisational culture.  You may even have to develop and refine your own approach to innovation.

However, the successful exploitation of new ideas, whether they be product, process, position or paradigm ideas, is the outcome when these conditions are established. It ensures relevance, freshness & vibrancy.

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