The importance of being innovative...
The best way to embrace the future is to shape it.
Like evolution is to organisms, innovation is to organisations - a critical component that not only ensures survival, but a significant contributor to long-term success.
As billionaire Shiv Nader succinctly noted, “adaptability and constant innovation is key to the survival of any company operating in a competitive market.”
Sadly, the term itself has been misinterpreted, misused and misunderstood and suffered through the trend cycle of business buzzwords.
To clarify, innovation is not disruption. It’s not even invention.
In essence, innovation creates value from new capabilities, often of existing resources. And creating value is the everyday mandate of any organisation - it ensures finding and keeping a customer.
“I think what people have to own is an innovation agenda, and everything is shared in terms of the implementation,” said Satya Nadella, CEO of Microsoft.
Yet, a large majority of organisations do not innovate. It is not part of the…
