Characteristics of Innovation
Kat / Vertical Axion
So why do you care about being innovative, anyway? Innovation is the heart and soul of success. You don’t necessarily have to invent something new, but simply taking a new stance on something that’s already been done can win you more business than you thought possible. However, just knowing the word (or including it in the name of your company) is not enough. Innovation is a tool that helps companies achieve goals that would otherwise be impossible. So how innovative is your company?
Innovative Companies have Relevant, Creative Strategies
This is probably the crowning characteristic of an innovative company. Have you ever seen a company succeed like Google, Facebook, or Apple without having a strategy like theirs? Their strategies are clear, bold, and relentless, and they follow them whether others think they should or not. Even if you’re not that big and you won’t be recognized globally, that doesn’t mean that everyone involved with your company can’t know exactly what your company is all about because you have a bold, well-explained strategy.
Innovative Companies are Leaders
If you’re truly an innovator, you provide your market with leadership. When you choose to use innovation to lead your company, you’re choosing to take over your niche as well. However, this doesn’t always mean you’re the company that makes the most money. Amazon, for example, has been innovative since the beginning, and has set many of the standards for e-commerce all by itself. But Amazon wasn’t even a tiny bit profitable until almost a decade after they began.
Failure is an Option for Innovative Companies
Yes, you read that right – failure is an option, ultimately. Of course, we’re not talking about failure of your company, but the failed creativity of your employees. If employees know they can make mistakes and not get fired for it, they will often take on large projects that test the bounds of their own knowledge. To stop these mistakes from getting too expensive, it’s important to have a reward system in place so that the capital being used on a project sure to fail can be freed up and used on another venture.