A few of the most common traits have been identified for companies that excel in developing business innovations. This list was compiled by the Australian innovation consultancy named Inventium. The first such trait is the rise of open innovation as a concept. This limits the presence of silos so that knowledge sharing and collaboration can take place across departments. The collaboration sought must have a heavy focus towards being done across functional areas. At such places, senior management actually executes what they speak and do not simply bark orders for others to follow. Such firms follow a customer-centric development stage where everything they create must resonate well with their requirements. Most importantly, they actually designate specific time for the purpose of innovations. They do not wait for the eureka moment to arrive but deliberately create an environment where such ‘aha’ moments can get crafted.



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