Want to Be More Innovative? Answer These 3 Questions
— November 4, 2016Becoming an innovative leader requires adopting fresh perspectives and answering critical questions. These questions not only serve as a guide to foster innovation but also provide practical approaches for businesses, especially in fast-paced industries like software development, to remain competitive and forward-thinking.
How Do You Foster an Innovative Workplace?
Creating an innovative workplace is a foundational step for any business seeking sustained success. The World Economic Forum (WEF) highlights that out of hundreds of companies that apply for its “Technology Pioneer” recognition, only a select few achieve this status. These businesses share common characteristics: substantial investment in research and development (R&D) and a recent innovation that marks a true departure from existing products or solutions.
Businesses face unique challenges in establishing environments conducive to innovation. Successful companies overcome these hurdles by fostering cultures that encourage creativity, experimentation, and even failure.
Fulvia Montresor, a director at WEF, notes that businesses continually innovating tend to blend strong leadership with a clear vision, exceptional talent acquisition, and a culture that rewards experimentation. For example, Silicon Valley firms often allow employees to dedicate part of their work hours to personal projects. This practice nurtures creativity but also demands that companies carefully manage the balance between autonomy and alignment with organizational goals. Similarly, Vietnam software development companies like S3Corp may experiment with flexible work environments to foster fresh ideas while maintaining focus on core objectives.
Should You Develop Products Within, or Beyond, Your Office Walls?
When striving for innovation, companies often grapple with whether to create products in isolation or through external collaboration. Each approach has advantages and challenges, making it vital for businesses to align their strategies with their innovation goals.
Lechal, a company developing innovative wearable technology, opts for a self-contained approach. According to Sonia Benjamin, their general manager, this strategy allows their team to design products they genuinely want to use, free from external pressures or market constraints. This creative freedom helps the company maintain its innovative edge, enabling it to focus on products that resonate deeply with its own vision.
Conversely, Boogio, a company focused on smart insole technology, takes a collaborative route. By offering a developer kit, Boogio invites external developers to create applications that extend the product’s functionality. This open approach enables the product to integrate with cutting-edge technologies like Google Glass and Oculus Rift. As Jose Torres, Boogio’s CEO, explains, these collaborative efforts not only expand the product’s capabilities but also help refine the next generation of offerings.
While an insular strategy might work for businesses focusing on niche products, a collaborative model can provide access to a broader ecosystem of ideas, enabling quicker adaptation to market trends.
Are You Pushing Beyond Your Competitors?
Innovation often stems from rethinking existing ideas and finding novel applications for them. Many companies recognized by WEF as technology pioneers exemplify this principle by introducing groundbreaking advancements that disrupt traditional industries.
For instance, Guardant Health innovates within the diagnostics industry by developing a simple blood test that tracks cancer in real time, offering a revolutionary alternative to conventional methods. Similarly, Newlight Technologies converts greenhouse gases into affordable, sustainable plastics, directly challenging the dominance of oil-based materials.
Organovo represents another remarkable example, leveraging 3D bioprinting technology to create tissues for medical research and potentially human organ transplantation. These innovations illustrate how combining technologies from different fields can lead to transformative solutions. Montresor emphasizes that such breakthroughs often result from questioning conventional practices and envisioning their application in entirely new contexts.
Businesses should adopt this mindset to remain competitive. By challenging industry norms and exploring how emerging technologies could revolutionize their offerings, companies can set themselves apart.
Conclusion
Answering these three questions can provide a solid foundation for businesses aiming to foster innovation and maintain leadership in their industries. Whether it involves cultivating an environment that encourages creativity, choosing a development approach that aligns with strategic goals, or rethinking existing solutions to push beyond competitors, the path to innovation is clear but requires deliberate effort.
The key lies in blending strategic foresight with actionable steps that encourage both internal creativity and external collaboration. By continuously questioning and adapting their practices, businesses can position themselves not only as leaders in their sectors but also as pioneers of the future.