Every company believes itself is fostering innovation but the truth is not every company does! Some of the innovative experts give us some tips about what a company truly needs to encourage new thinking.
First, fix your mindset. Established companies are often afraid of failure and this result in stop improving! Only companies that are truly innovative can expect and learn from failure, and they are able to approach the best approaches in success. Failure is just a process of learning.
Second, flourish innovative ideas. Business may hesitate to innovate since it may affect the current core business of the companies. We can separate innovation and core business so neither is hampered and new efforts are not competing with current interests.
Third, welcome outside innovation. When your business become large enough, acquiring small companies or firms may become the solution for your company. Large organizations have the advantage to invest or support small enterprises development.
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