Maintaining innovation is the principal pillar of continuous success. The state of renewed innovation is what makes certain companies ahead of competition in an industry. Innovation is the thin line that separates success from failure. Facebook, which has more than 2 billion users in 2017, is considered as one of the bigest innovative companies. One of the most realistic examples of the importance of innovation in any company
Create an environment that encourages innovation
The company should not be content with attracting talent, but rather it should strive to retain them. Building a work environment that encourages innovation and giving more freedom to employees for creativity, is the way for that, by opening communication channels between all levels, building confidence, and creating an atmosphere to accept new ideas.
Big companies have the money, time, and resources to succeed, but opening larger platforms for exchanging opinions and trying new ideas is the primary source of success for them. Google, for example, assigns an internal list of employees to write their new ideas on it, and any other employee can vote to express his opinion if he thinks the idea is bad or good.
Encouraging internal leadership among employees with entrepreneurial characteristics helps to foster innovation in the team. “Internal leadership is promoted by encouraging employees to be proactive and giving them the freedom to lead the initiatives they feel.”
Promoting entrepreneurship and teamwork as well, and helping your team develop an innovation strategy to improve the products, services, and processes they work on by giving them the tools and resources needed to do so. Also redefining the metrics used to evaluate employees and also incentives every time, things that help your company continue to innovate, Scott Cook says : “One of the keys to encouraging innovation is to allow employees to be as innovative as possible.”