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Where Should Companies Innovate? In Their Enterprises.
Date:10/19/2010

ck dynamic talent and the funding, tools and resources they need to succeed is the wrong move for business. Even at the risk of failure, business leaders should invest in creating an environment that encourages employees to try new ideas and strategies."

CEOs Play Critical Role

According to the survey, executives say CEOs play a critical role in defining and supporting their company's overall innovation strategy. For innovation to prosper, they say, CEOs must provide greater leadership, tools, and financial as well as non-financial support. Executives specifically called for their CEOs to:

  • Create a culture that encourages innovation even at the risk of initial failure (92 percent);
  • Allocate budget to innovation initiatives (78 percent);
  • Reward innovation with financial incentives (70 percent);
  • Reward innovation with recognition or other non-financial incentives (72 percent);
  • Lead by example and personally participate in enterprise innovation processes (70 percent); and,
  • Provide tools to promote innovation (55 percent).

"The survey findings are a timely reminder to make enterprise innovation core to your leadership agenda," says Gumz. "Don't forget that the most important byproduct of Ford's Model T was the assembly line production method, and Edison's light bulb would not have succeeded without the development of an electricity grid that delivered power to homes and businesses. Put differently, inventions – such as product and service creation – also require innovative underpinnings that begin with a corporate culture that accepts risk and reward opportunities and that will radiate through your company."

Improved Business Operation is the Foundation for Future Creation

To achieve optimal product innovation, the overall survey findings suggest that companies must first develop or improve operations and processes
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SOURCE Olympus Corporation of the Americas
Copyright©2010 PR Newswire.
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