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What innovation really means

New ideas and fresh thinking are fundamental if companies are to retain a competitive edge. To drive innovation, you need to create a culture where ideas come from both within an organisation and by working with others. Increasingly, the art of doing this successfully lies in being able to utilise various channels and by harnessing the skills at a company’s disposal to capture those moments of inspiration.

There has to be consistency. Costas Markides, Criticaleye Thought Leader and Professor of Strategy and Entrepreneurship at London Business School, questions how many corporates actually get this right: “Companies ask people for certain behaviours to promote innovation, but in reality they have an environment or incentive system in place that does not encourage those things.”

If employees are to believe they have a licence to think differently, then executives have to lead by example. Costas continues: “[When] the leadership of an organisation begins questioning; going outside their industry for ideas and starts experimenting... once they start behaving in the way they want everybody else to behave, pretty soon everybody else in the organisation will follow suit. That’s how you create a culture of innovation.”

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