From Innovation to Cash

Cycle of Research and Development, from "...

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Companies often believe that a Research and Development department is enough to nurture innovation. However innovation is a process that requires the intelligence of the entire business.

Knowing how to implement systemic innovation can be a daunting process – but it needs to be done because simply having ideas is not sufficient. Innovation flourishes when the business environment encourages the sharing and exploration of ideas in an organized manner – and this does not mean setting up an ideas box at reception and emptying it on payday.

Idea management is a crucial part of the ideation and innovation process. Employees need to focus creativity on critical business problems and participate in finding solutions to issues related to market drivers and the competitive environment.

From a management perspective, it’s essential to integrate business acumen, design and strategy to nurture ideas and give them credibility and insight. This approach is more likely to produce interventions that are cross pollinated with the wisdom of different sources and result in cash.

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About Leonie Hall

I'm on a mission to make training information and resources accessible so you can Keep Climbing!

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