Business innovation is not a one-time eureka moment, but a continuous process involving several steps. This is particularly true in the innovation hubs such as Silicon Valley. PwC recently held its Seventh Innovation Challenge in Tokyo, where such steps were addressed. Tapping the power of pride is one such measure, as such emotional energy drives people to go beyond tangible perks such as benefits or compensation. Failure must be an option, because in a safe environment no one experiments, leading to a static innovation ecosystem. Company culture and talent management must not beabout foosball tables or free food.Instead, it must be one of empowerment and work-life balance. Any innovation strategy followed must put the customer in the middle. Then one will understand what solutions customers really need. A flexible work culture is a must as innovation does not necessarily arise during the fixed hours.

Source:https://www.strategy-business.com/blog/How-Innovation-Happens?gko=6104d&sf190241774=1

Uploaded Date:27 June 2018