Over the last few weeks, we have shared the ingredients an organization needs to enable innovation success. We first discussed technology, then tactics for enabling people, now we are going to talk about the culture that organizations need to put in place to thrive.
According to the results of the 2018 TIBCO CXO Innovation Survey, about 60 percent of innovation success efforts are geared towards people and culture. While innovation efforts need to be focused across people, technology, and culture, setting up a culture for innovation is key to enabling your people and adapting to the proper technology for innovation success.
In this post, we’ll share the top three tactics to implement for an innovative culture. While these tactics aren’t the extent of all the tactics you can implement, implementing these three will ensure that the others will follow.
Innovative executive leadership
Implementing innovative culture is important, and in most cases, it starts at the top with executive leadership. According to survey respondents, this area ranks first among the tactics at about 47 percent. However, it’s easier said than done. Executive leadership doesn’t have the granular knowledge needed to be innovative with a project, so teams need to support executive leadership. This type of innovation needs to be a two-way collaboration between innovation teams and executives.
Coming in second at about 42 percent, an innovative culture is one that rewards creativity for innovation success. This meritocracy is solely dependent on innovative executive leadership. With this support, those in the organization have the level of freedom to experiment and fail. By rewarding innovation, employees are encouraged to share their progress with the entire organization, furthering the fostering innovation.
Fund innovation with focused budgets and resources
Ranked from respondents as the third most popular tactic at about 40 percent is funding innovation projects with focused budgets and resources. Financial investment is needed to fund projects, make resources available, and purchase the available tech needed to make innovation happen. If no funds are available for innovation, projects will never get off the ground.
As an organization, if you want to foster an environment for innovation, you need to place importance on innovative executive leadership, rewarding creativity, and funding innovation with allocated budgets. With these three tactics in place, others will follow. These can include setting up creative innovation labs to encourage experimentation, defining use cases and processes, and supporting a fail fast and often environment.
When it comes to an innovative environment, you must create an environment where you support your peoples’ processes of moving towards innovation. With that in place, you are bound to see innovation success happen across your organization.