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LEAD Innovation Blog

Read our latest articles on innovation management and innovation in a wide range of industries.

Date: 03-Oct-2018
Posted by: Guest author

Promoting innovation: 10 ways to promote innovation successfully

 

Innovations are often a driving force in the entrepreneurial sector in terms of economic success. Especially in digital industries, the exploitation of innovation potential is of great importance today. But how can innovations actually be specifically promoted and what needs to be considered in this context? You will find the answers to these questions in this blog post.

Why are innovations so important for companies?

With the help of innovations, companies can give their businesses decisive impulses that can ensure their long-term survival in the fiercely contested market. Every new development starts with an idea. However, the development of innovations consists only to a small extent of the initial inspiration, since the usability of ideas in particular is often associated with a great deal of effort. Thus, the best idea is of little use if it is not implemented correctly in practice and does not ignite as a result. If you use the wrong strategy here, you not only lose valuable time, but also have to reckon with financial losses. However, if the right strategy is applied, a single idea can quickly become a real basis for long-term success.

 

What is the role of employees in this context?

The creativity of employees is one of the most important resources in the development of groundbreaking ideas. Thus, it is often spontaneous thoughts on the part of the staff that lead to successful innovations in practice. Creative freedom is an important prerequisite for ideas of this kind to emerge in the first place. Here, the company is particularly in demand, as it is the responsibility of the company to create sufficient time for free space. Under no circumstances should the creation of free space mean additional work for the staff. Furthermore, communication and exchange between employees and managers are extremely important in the development and elaboration of innovations. But how can we promote innovation?

Case Study Strategic Innovation management

 

10 tips to promote innovation in companies

 

1: Discover new markets

Instead of competing with stubborn competitors in competitive markets, companies should try to win new and previously untouched markets or sub-markets. A good approach here is to define your own industry characteristics. Companies in the field of transmission technology, electromobility or smart building technology, for example, can interpret their core elements differently and thus achieve a completely new positioning.

 

2: Diversity is the key

A high diversity in terms of team composition is an ideal breeding ground for fresh ideas in practice. For this reason, personnel selection is a central innovation strategy. The ability to innovate is particularly high in mixed teams consisting of men and women of different age groups and backgrounds.

 

3: Input from outside

Numerous international companies are already using the possibilities of networking for innovation development. Instead of internal solutions, crowd sourcing is increasingly used in the course of innovation management. By involving customers and testers from external sources, creative input can be increased many times over, which significantly improves the opportunity for innovation.

 

4: Creating free space

As already mentioned at the beginning, innovations are closely linked to creative freedom. In this context, time and performance pressure in particular have a poisonous effect on the creativity of employees. Companies should therefore specifically integrate niches in their day-to-day work. Even an individualized working environment often inspires the creativity of employees.

 

5: Taking up ideas

Even the most ingenious idea is ineffective in a company if it is not accepted by other people in the company. In this way, innovative thoughts get lost in the stress of everyday life on a daily basis. To prevent this from happening, the underlying processes in the company are particularly important. A critical self-assessment of ideas that have not yet been implemented can help to revise one's own innovation management.

 

6: Promoting motivation

Of course, employee motivation is an important factor in the development of new ideas. In order for innovation to be used as a success factor, companies must therefore create appropriate incentives. The recognition of proposals by leaders is particularly important here. If employees see how an individual experiences appreciation through his or her suggestions, this usually leads to an additional incentive.

 

7: Clear rules regarding the development of ideas

The decision as to whether an idea should be pursued or not should be taken promptly and clearly within the company. Innovations that hang in a kind of limbo not only impair the future motivation of employees, but often also hinder the development of new concepts and business models. A decision template, for example in the form of a rough concept, can be very helpful here.

 

8: Preparing ideas well

If an idea appeals to the company, it should be carefully planned. Development and marketing in particular are decisive for the success of innovations. Another important factor is the financial planning in the course of implementation. Tight schedules can quickly lead to errors in planning and jeopardize success.

 

9: Preparing your company for innovations

At the latest in the test phase of an innovation it is necessary to prepare the own enterprise for the introduction of the same. Above all, detailed sales and marketing plans are of great importance here. Since innovations are always something new, it is not uncommon for employees to have to expand their skills or refresh their specialist knowledge.

 

10: Control is important

Even after the market launch, companies must keep a close eye on their innovation. New products, for example, only in rare cases have a resounding effect. Regular checks and corresponding fine adjustments are often necessary for success.

 

Conclusio: Promoting innovation: 10 ways to successfully promote innovation

Looking back, the 10 possibilities mentioned above show different approaches with which innovations in the company can be sustainably promoted. It is important not only to consider individual points, but also to make the implementation as holistic as possible and to let as many factors and participants as possible participate in the process. This is the only way to establish innovations in the corporate culture in the long term.

 

Ad Personam:

Peter Schmidt was born in 1970 in Kassel. He studied computer science at the FH Wedel with specialization in application development. His professional experience covers the areas of web development and marketing. He currently supports the portal https://www.industrystock.de of Deutsche Medien Verlag GmbH in the area of e-commerce.

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