As a startup, we think, read and talk about innovation a lot of the time… But not everyone has the luxury to sit and contemplate the concept – whilst others don’t even fully understand it. So we have collected 3 points from the ‘Making Ideas Work‘ report by Booze and Company – and translated them… This should help you get acquainted with some concepts behind innovation – and hopefully give you ideas of how your business should cultivate it. 

“There is no long-term correlation between the amount of money a company spends on its innovation and it’s overall financial performance."

Translation: In the big scheme of things, it doesn’t really matter how many dollars you purposefully spend on trying to be innovative – you may not get it all back. Invest in a talented team, who have the right mindset to make the most of whatever processes and decisions are implemented in your biz. 

“The key to success is for companies to have the right people in place to manage the process, using experience and judgement to rigorously make the needed decisions.”

Translation: If you want your biz to triumph – be meticulous when it comes to considering prospective employees. Do their experience, abilities, attitudes and instincts tick the right boxes for you? Of course, you need to be able to trust, delegate to and invest in them, to meet the aims of your biz. Collaboration with fresh minds is a great way to get some ‘outside of the box’ ideas flowing for your venture – because everyone’s opinion is different. 

“As the business environment becomes ever more competitive, the need to innovate successfully becomes more acute.”

Translation: It’s increasingly important within all industries to innovate and get a leg-up from your biz’s competitors – no matter if you run a cafe chain or a clothes shop. Start small and try give your biz a point of difference over others in your own creative way, perhaps start at a local level with your customers or employees.

There are a myriad of factors that affect businesses of all sizes every day, which can detract from the need for more innovation (you know, when you run out of stock, an employee calls in sick or the lights don’t work). It is important to remember that changes to your business goals and innovation strategies can be made incrementally – so the best thing to do is set a goal and get started.