Innovation is a huge buzz word in the world of global business practices. The word has even become part of Fortune 100 company’s logos or marketing campaigns. It’s a great word that can portend success for those willing to truly embrace and adopt the concept. But just because one talks about innovation, does not make one innovative.
When it comes to day-to-day business practices, which leaders truly accept and incorporate “innovation?” In order to harness the power of innovation; innovative thoughts, innovative processes, innovative products, one must first be willing to take a risk and do what no one else is doing. This takes more courage and more authority than the average employee possesses. If I take a risk and use a non-traditional product (with great potential) what happens to me or my department if the results are not immediately transparent or measurable? If an employee fears trying something unique and innovative, it simply will not happen. Without the blessing and commitment of C-suite management to innovation, the concept is more of a talking point than an action item.
I would respond by stating that just doing what is considered “the norm” or what others in your field are traditionally doing, while yielding consistent results, will generally miss the “out of the park” home run that a non-traditional unique solution might offer. No risk, no reward.
So while volumes have been written about innovation, the reality is that global business tends to operate in a safety zone (minimizing risk) and generally eschews the true visionary risk takers that support or create innovation. Which brings up the interesting point…working in emerging markets is anything but “normal.” We take advantage of unusual markets that can produce a larger return on investment (more risk more reward). Isn’t this a perfect place to integrate the non-typical solution called innovation?
At GT Associates nothing we do is ordinary.
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