Business can not survive and expect to have long term sustainability and success without innovation of some form. Many people link innovation to a product, but it is much more than that. True innovation can touch every part of your business including product development, finance systems, production, supply chain, packaging, logistics, marketing and communication, quality …
This view is shared by Amantha Imber, founder of Inventium, who partnered BRW in the study of the top 50 innovative companies.
“It comes down to innovation being less of a buzz word and more an absolute mandatory [thing] for companies to do,”
“If you do not innovate, you risk becoming irrelevant because so many other companies are innovating and looking to stamp out their competition. We’re seeing it becoming a priority for more and more CEOs.”
The 5 approaches which have yielded success are:
- Nurture Innovation in house
- Collaborate with a partner
- Cultivate many partners
- Crowdsource or co-create
- Find an innovative start-up and buy it.
For more details check out the BRW report here.