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How To Foster Innovation in Your Business: Tips from Senior Executives

Most chief executives would say they want to see innovation flourish within their business, yet many struggle with how to make it part of the culture. The following YPO For Presidents By Presidents videos are concise (less than five minutes) and filled with key tips from senior executives about implementing, executing and fostering innovation within an organization.

 

Build the Innovative Process Into Your Business

In this video Jason English, Director at Al Laith, presents three key strategies for business leaders to nurture the innovative process in their organizations.

  1. Don’t let bias influence your business strategy; get feedback on projects from a cross-section of members within the organization.
  2. Pilot innovation outside your core operations so that the two do not come into conflict.
  3. Leverage data from idea jams (structured idea sessions with your teams) held within the organization, making sure to cross-pollinate along skill set, race and culture.

 

Innovation a Core Competency for Survival

Harry Clark, Bestselling Author and Advisor at Pathway Partners, LLC, shares three ways to develop innovation within an organization.

  1. The CEO should not be the only one responsible for innovating; by fostering a culture of innovation, you drive more ideas that percolate up, resulting in greater by-in.
  2. Make sure everyone understands that failure is part of the process, this gives people a sense of security which allows them to take risks.
  3. Delegate learning opportunities — your employees are there to learn, grow and be engaged.

 

The Innovation Mindset

Chief Executive Officer at Allan & Gill Gray Philanthropy Africa, Anthony Farr, shows you how to help innovators realize their full potential.

  1. Tell your talent to start with thinking, not action, to keep asking questions in order to see the world differently.
  2. Make time for experimentation and discovery even as you focus on replication of efficiencies of growth.
  3. Initial attempts aren’t going to hit it out of the park; allow time for innovation development which will lead to the breakthroughs that will future-proof your business.

 

Continuous Innovation

Stephen Forte, CEO at AI Motion, Inc. , offers advice on how to ensure your company is continuously innovating.

  1. Focus on what value you bring to the user rather than what your product does.
  2. Talented people want to be challenged and understand the scope of the business — instead of giving people tasks, give them a sense of ownership.
  3. Emphasize culture, not strategy. Build an agile culture that flows consistently rather than waiting for pivoting points.

Want to learn more about innovation? From 12-18 May, join us for YPO Innovation Week — seven days of in-person and digital events led by YPO members challenging conventional thinking.

YPO is the premier global leadership organization for more than 27,000 chief executives in over 130 countries and the global platform for them to engage, learn and grow. YPO members harness the knowledge, influence and trust of the world’s most influential and innovative business leaders to inspire business, personal, family and community impact. Today, YPO member-run companies, diversified among industries and types of businesses, employ more than 22 million people globally and generate USD9 trillion in annual revenues.