Your organization’s innovation strategy is deeply influenced by your employees, their desires, and the internal processes which they follow. Consequently, workplace issues which impact these things will also influence your organization’s innovation strategy, and can lead to meaningful and lasting impact to the organization. These are five workplace issues which will impact your organization’s innovation strategy and how to plan for them.
An innovation ecosystem is a network of stakeholders collaborating together in order to increase opportunity and innovation to benefit the whole, instead of its parts. Startup incubators, for example, can be seen as a small-scale innovation ecosystem, since their creation is usually a means for fledgling companies to share ideas and learn best practices from experts, in order to magnify the chance of their success. Over the years, innovation ecosystems have become more apparent due to technology’s enhanced ability to support collaboration globally. Successfully innovative organizations have learned to reap the benefits of innovation ecosystems to improve their own individual success and the success of their markets.
Though often used as synonyms for one another, invention and innovation are technically different. An invention occurs when you’re creating a completely new idea, while an innovation is improving upon an existing idea. Take transportation for example. When the first car was created, it was an invention, since there had never been a motorized way to get around before. Compare that to Uber, an innovation in transportation; disruptive as it may have been, the taxi and car service industry already existed before Uber’s arrival.
Why does the difference even matter?
Intellectual property management professionals are tasked with protecting, leveraging, and commercializing the great ideas and inventions of their organizations. The ability to monetize and gain competitive advantage from these new ideas relies heavily on the IP team, yet some of the fundamentals tend to get lost.
If your organization has decided to implement an innovation strategy, the most crucial component to plan for is how you will measure and benchmark the strategy’s success. Benchmarking is important because it let’s you measure your performance and analyze trends to enable continuous learning and improvement. This learning can help nurture and improve the innovation culture in your organization.
One of the most critical parts of becoming a successfully innovative company, is hiring the right employees to innovate. Though in today’s competitive job marketplace, startups and established organizations alike are competing to employ the next great minds and it can be difficult to compete for the best candidates. In this situation, what’s the best way to hire for innovation at your organization?
In today’s highly competitive marketplace, innovation has become a necessity. Innovation allows companies to grow, not only in profits, but in market share and brand recognition. As the rate and quality of demand from consumers and B2B customers increases, so do their expectations that what you’re selling them is the most up-to-date, cutting edge product they can buy. If you’re not suitably invested in innovation, you can bet that your competitors are.
On the first day of my very first job as an electrical engineer, I recall sitting with the HR Director going through a stack of employment paperwork ranging from my W4 for tax withholding, to life insurance beneficiary information. Being as I was a fresh college graduate, the Assignment of Work Product agreement that I was asked to sign was somewhat unexpected.
The “Patent Box” is a corporate income tax reduction program offered by a growing number of countries. Tax reductions are given for income derived from patent-related activities. Details vary from country to country and might not yet exist in your jurisdiction of operations. Among the countries with active Patent Box systems are the UK, The Netherlands, Belgium, Luxembourg, France, Spain and Hungary, and the list is growing. Patent Box legislation is under active consideraton within the US.
Innovation is no longer optional. Simply put, the future of your company depends on new ideas that help you stay relevant and competitive.