Report Details Business issues that arise when a company avoids innovation History of innovation Employee resistance and engagement Who does innovation benefit?
Executive Summary The new buzz word Misconception of innovation Today’s management Implementing an innovation strategy Fostering innovation
Purpose of the Study The positive and negative of innovation Answering these questions: • Does innovation only work for large corporations? • Isn’t innovation expensive? • How do I engage my employees? • How does innovation affect the bottom line? • How does innovation provide the tools for a sustainable competitive advantage?
What is Innovation?Innovation is the process by which acreative idea or invention istranslated into a good or service tosatisfy a need.
FindingsMany companies discuss being innovative but most rarely engage in it.
History of Innovation Hard Hat: 1919 Phillips-Head Screw: 1936 Shopping Cart: 1937 Aerosol Can Valve:1949 Apple, Inc.: Networking Interface, Inc.: Mission Zero
Benefits and Challenges Benefits • Increased productivity • Self-reflection • Fosters creativity • Sustainable competitive edge Challenges • Transactional leaders • Cost prohibitive • Creating an innovative culture • Lack of knowledge and training
Organizational Culture Fostering innovation Engage employees Big or small; it doesn’t matter
Encouraging Innovation Cohesive, unified team Positive work environment Encourage on a regular basis Autonomy: Google & FedEx
RecommendationTalking about innovation is notenough; act on it. • Start with executive management team • Engage employees at all levels • Use of autonomy • Well-structured brainstorming sessions • Training on innovation; how it will benefit the company and employees