There is no “one” right way to innovate. In fact, there is no agreed upon “types” of innovation. Some experts and authors say there are three types of innovation, some say four, while others still say there are nine or even ten types of innovation.
At Falak, we are not too concerned with the academics of innovation; we have an agnostic and pragmatic approach when it comes to innovation. Having said that, we believe there are some fundamentals that can make innovation happen. In my view, innovation is primarily about having the right mindset.
Good innovators are open minded, observant, curious, observe (with all the senses) and put aside their own assumptions. For an organisation to be innovative in needs to have the right culture.
As a CEO you need to speak less and listen more. You also need to realise you’re not the smartest person in the room. Most of the good ideas will come from your team, not you. Allow others to suggest ideas without fear of ridicule or punishment. Moreover, your organisation has to have a high tolerance for risk taking. Innovation and risk are inextricably intertwined. In addition, you need to acknowledge and recognise employees with good ideas. Celebrate successes - and failures! No one ever got it right the first time. Be relaxed about so called failures.
Also - and this is a big one - get rid of company politics! Fear, politics and a toxic culture will never lead to innovation, as team members will put time and energy into looking good and conspiring against others. There will be no energy and time left over for innovation.
Do this and you’ll be on your way to being a beacon of innovation. Remember to get in touch if you need any help.