Business Innovation

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Business Innovation

  1. 1. Businesses AvoidInnovation Corrie Elsbrie
  2. 2. Report Details Business issues that arise when a company avoids innovation History of innovation Employee resistance and engagement Who does innovation benefit?
  3. 3. Executive Summary The new buzz word Misconception of innovation Today’s management Implementing an innovation strategy Fostering innovation
  4. 4. 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?
  5. 5. What is Innovation?Innovation is the process by which acreative idea or invention istranslated into a good or service tosatisfy a need.
  6. 6. FindingsMany companies discuss being innovative but most rarely engage in it.
  7. 7. History of Innovation Hard Hat: 1919 Phillips-Head Screw: 1936 Shopping Cart: 1937 Aerosol Can Valve:1949 Apple, Inc.: Networking Interface, Inc.: Mission Zero
  8. 8. 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
  9. 9. Organizational Culture Fostering innovation Engage employees Big or small; it doesn’t matter
  10. 10. Encouraging Innovation Cohesive, unified team Positive work environment Encourage on a regular basis Autonomy: Google & FedEx
  11. 11. 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
  12. 12. Thank You

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