One of the great things about entrepreneurship is that it provides opportunities for people to leverage their creativity and ideas in ways that have immense potential to be profitable. In larger organizations with multiple layers of management, it can be difficult for forward-thinking ideas to be received, approved and implemented. In the entrepreneurial environment, the rules are flexible, and innovation often rules the day.

When global professional services company Accenture surveyed executives, the company learned that 93% of them believed that innovation is critical to their company’s long-term success.

Anand Rajendran, CEO and co-founder of Dectar, a company that develops software and apps, is a firm believer in the power of innovation.

“Innovation is a facilitator of entrepreneurship and a way of empowering people to take charge of their lives and economic prosperity,” he writes. “At the same time, entrepreneurship is the answer to innovation both at individual business-level. It also stimulates general business sector growth of a nation. Flourish in entrepreneurship entails a focus on ingenuity, amalgamating innovation and strategic business practices.”

He also notes that “It is important to understand that innovation doesn’t happen overnight and requires time and endeavor to generate something actually innovative that will make a difference.”

According to Jean-René Halde, president and chief executive officer of Business Development Bank of Canada, innovation can make small businesses “more competitive and better placed to capitalize on business opportunities that arise.”

We know that innovation is valued in the ever-changing marketplace in which we all now work. But what exactly is it? Some might say that it’s doing or creating something that’s new and unique. Others contend that it’s taking existing concepts a step further.

Jacob Beckley, vice president of innovation at marketing agency Fusion92, writes that “Being a true innovator is much greater than just simply improving on something that came before, it’s the creation of something new that defines the unknown. True innovation is measured by the impact that a company has on a market, an industry, the consumer and our lives. It defines the leaders and the followers in the world we live in.”

Vancouver financier and entrepreneur Brian Paes-Braga who founded, operated, then sold Lithium X Energy Corp. just a few years ago, is of the same mindset. A focus on innovation even appears in the mission statement of Quiet Cove Foundation, an organization he co-founded to help nonprofit organizations around the world address large-scale social issues.

“Innovation is at the center of everything I do,” Paes-Braga says. “We founded Quiet Cove Foundation as a way to find innovative solutions to social issues. For example, one of the organizations our foundation supports is The New Leaf Project, a non-profit that is piloting a socially innovative approach to homelessness. We want to combine funding and outside of the box thinking to make an impact. Developing new solutions is the key to our approach.”

So how can you encourage innovation in your company whether that is for-profit or non-profit?

Heather McGough, co-founder and CEO of Lean Startup Company, suggests building a culture of innovation. “Team members in every function should be testing ideas,” she says. “If they don’t know why or how, teach them. Explain why smart companies are built in a way that allow for failure.”

Tanya Hall, CEO of Greenleaf Book Group, says you can simply solicit new ideas from co-workers. “Once a year, ask your managers (or directors, depending on the size of your organization) to wrangle feedback around innovation suggestions from their direct reports,” she writes. “It’s helpful to give them a few ideas from past calls for innovation ideas, and some departments may choose to brainstorm ideas together.”

Noting that “Innovation is a big responsibility,” Hall adds that “Tapping the minds and energy of your entire team will help you ensure that you’re not overlooking the next big idea sitting right under your nose.”

Published: 2019-09-14 20:16:06