Inspiration: Strategos Innovation Update – Building a Culture of Innovation – A Practical Guide

Posted on 15/09/2011

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At the beginning of August 2011, Apple briefly eclipsed Exxon as the world’s largest company by market capitalization, a remarkable fact given that when Steve Jobs returned to take charge 14 years ago, it was on the verge of bankruptcy.

The amazing success that Apple has enjoyed has been achieved through bringing game-changing products and services to market as well as inventing entirely new business models that have revolutionized industries.  In the case of Apple it is widely accepted that this is proof that a focus on innovation works and that a continued investment and commitment to innovation – and building a culture of innovation – brings substantial rewards over time. 

But clearly not every company can be Apple and not every CEO can be Steve Jobs[1] … so how can companies build a culture of innovation and utilize all of the assets of their business to drive success? In this Update we discuss this and outline an overall 4-step approach to implementing an innovation culture.

 

Building a Culture of Innovation – A Practical Guide

By Ian Pallister and Brian Mooney

 

Culture – that indefinable thing? Or is it?

 

At Strategos we have been advising companies for nearly 20 years on how to implement an innovation culture and use the power of innovation as a transformative mechansim. We believe that all businesses can build a culture of innovation in the same way that they can successfully build a “quality culture” or a “safety culture” or a “customer service culture”. As with these other dimensions of overall corporate culture, it is necessary to have a systematic approach as well as a committed leadership who believe that, over time, such a culture change will lead to them out-performing their competition.

 

In the following paragraphs we outline 4 clear steps that have helped organizations across different industries become more innovative.

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