4 Ways to Increase Innovation in Your Business

by Lisa Bodell for Innovation ExcellenceIf innovation could be accomplished through vision statements, press releases, or rally cries, we’d all be rock-star innovators. But developing a strategy and mindset for creative thinking takes actual work.At the core of every truly innovative organization is a leadership team that invests and actively participates in the process of generating new ideas. Instead of paying mere lip service to the concept, these leaders are role models who reflect the behaviors they want to see from their staff.Employees at all levels take their cues from management so it’s essential that senior executives practice what they preach. This means a climate of innovation must start at the top, ideally with senior leaders who are both inspiring and dedicated. Through years of innovation training for the world’s foremost companies, my firm, futurethink, has identified an effective formula for leadership role modeling. Use the four tips below to increase innovation activity and results from your entire organization:

1. Dedicate a budget. Capital One’s CEO Richard Fairbank continues to champion the enterprising spirit of the firm he founded in 1988. Innovation is flourishing through projects like Capital One Labs, where entrepreneurs-in-residence focus on reimagining the banking experience. From coders and data scientists to product developers, this group is pioneering new approaches to security, reward platforms, and affiliate programs.

In your own business, build an innovation sandbox where a small, cross-departmental team of visionaries collaborate and rapidly test new concepts.Read More →