Some Principles of Innovation

Innovation is defined as a new method, idea or product.  In any organization, innovation is a must otherwise your product or services will become obsolete.  The only challenge is to strike the balance between the company’s purpose and opportunities outside its purpose.  Should we focus on just one certain aspect, or should we be a do-it-all innovative company?

I’ve gathered some principles of innovative companies in the world as inspiration in defining one’s innovation process.

1. Google

a.  Ideas can come up anywhere and in the places that you least expect.

b. Dont try to perfect your product, just enough to realize its competitive edge, release early, listen to user feedback then iterate.

c.  Google gives employees 20% of their work time to pursue project they are passionate about.

2. 3M

a. Dedicate R&D, its a long term dedicated process to generate new product ideas.

b. Host ideation sessions with members.  They call it Open Innovation initiative.

c. Reward & encourage creativity.

3. Ikea

a. Ikea is open to its innovation plans and strategies.  They communicate it both to their customers and employees.

b. Ikea is very popular for its innovative approaches to marketing and promotion.  They are very open to new ideas and approaches to innovation.

c. Ikea implements key performance indicators that measures innovation achievements and milestones.

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