Uncover the competitive innovation edge

Why is innovation in a corporate context always overlooked? Author and FundForum Asia speaker Scott Bales takes a look at the key challenges for embracing innovation.

Greater than 65% of corporate executives see innovation as the key to unlocking new value, new markets and harnessing the power of new technologies.

The problem is innovation takes time, effort, and resources. This means that while executive heads think innovation will move their company forward, not everyone wants to invest in cultivating innovation because it doesn’t always have defined links to their own business goals. In this recent paradigm shift where start-ups have proven digital innovation is the key to success, a lot of companies still do not have their own innovation labs. It makes one wonder: why isn’t everyone investing in innovation?

Fear is the first major hurdle companies should overcome to achieve their goals of innovating. There are different kinds of this fear: fear of negative response and results, fear of “wasting” money into an idea that might not work, or even the fear of not having resources and support to execute a good idea. Even when we are living in a decade of digital progress, this fear has been crippling companies, potentially leaving them behind.

Overcoming Your Fear of Innovation

How does one unlock this fear? The answer is simple and a little unexpected: culture.

Companies will have to integrate into their system the culture of innovation. Even before a company see the output of innovation, they must first develop the necessary foundations for innovation to grow in. Like planting a seed, it will take some time, but the fruits of this culture of innovation are your food for success.

This culture of innovation should be a culture that embraces curiosity, experimentation, and the desire to find new problems and new solutions to old problems.

A Way of Life

For innovation to be truly embedded into your system, it should be your company’s way of life. It shouldn’t just be a project on the side that you will once pay attention to and then forget. It should be ingrained in every aspect of who you are, from research and development to human resources. The environment of your employees should be conducive to this culture that it becomes their way of thinking and behaving.

Building Confidence: How You Can Innovate

In my upcoming presentation, I will be discussing different key points on how you can innovate. I will discuss strategic lessons that drive success. We will explore frameworks, tools, and key infantry that you will need to drive innovation to your company.

But most importantly, I will help you build confidence in innovating. I will make sure that you have the needed tools to innovate. And I will help you overcome your fear.

Scott Bales will be a key note speaker at FundForum Asia, taking place in Hong Kong 24-26 April.