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Transcript of Innovation
- collaboration of ideas from numerous companies and backgrounds
-Innovation is driven by funding
Neely Chair of American Enterprise, Director of the Center for Global Innovation, and Professor of Marketing, Management and Organization at the USC Marshall School of Business.
What drives it?
Innovation - “The process of translating an idea or invention into a good or service that creates value or for which customers will pay”
”.…the most important driver of innovation is culture”
Andrew Jeffs, James Green, Gabor Molnar
-The renaissance period was one of the most innovative eras in history
Google`s gourmet cafeteria
- Investing in employee perks enforces feeling of staff value
Numerous countries tried to develop an innovation hub like `Silicon Valley` yet failed.....
The U.S fuels an innovative mind set
- Bankruptcy not seen as failure in the US
to show that culture is a main driving force in innovation is:
-After the second world war the popularity of motoring had become very popular but the fuel shortage resulting from the Suez crisis also increased demand for economical cars.
-It would have been impossible to produce such an innovative product as the MINI Without a suitable culture.
-The culture made the innovation possible
People had demands
Designers were ready to fulfill those demands, thanks to the culture
being open-minded helped to apply new ideas and developments
-The results are a line of great innovations still used today, like
the sideways front engine layout
very small and compact design
- Promote an innovative culture by encouraging and supporting free thinking and experimentation
Thank you for your attention
According to Gerard Tellis...
`learning something in order to be able to repeat it from memory, rather than in order to understand it`
- Platform to promote trust and respect
- Involve employees in decisions
- develops a team approach
- find untapped genius
- Employees feel valued
- Nurtures freedom of ideas
- Banish fear of failure
- Kills innovative growth
- Depresses creativity
- Creates trust, Respect,Value
- Lowers boundaries to experiment
- Rote learning reduces innovative thinkers
- Innovators are individuals
- Challenge the status quo
- Germany or Japan bankruptcy seen as shameful
- Bankruptcy is common
- Failure is forgiven
- No boundaries
- Open minded
- Multi cultural
- External influences /
- Outside of company control
- economic climate and war impact on innovation
- U.S education system promotes debate
Investing in people!
Banish fear of failure, reward regardless of success
- Create a platform to nurture employee creativity
- Initial talent is imperative
From info gained it seems there is substantial evidence in support of G.T statement that culture is the driver of innovation in business.