| Many entrepreneurs and business leaders do not | | | | 4. Failing to Identify All Innovative Ideas - Innovations |
| understand how to fully leverage innovations in their | | | | can be found throughout most companies, but there |
| business. Here's a list of common mistakes when | | | | must be a system for identifying and recording those |
| developing an innovation strategy. | | | | innovative ideas. A good identification system |
| | | | provides a quick and easy method for all personnel to |
| 1. Only for Technology Companies - Many people | | | | submit innovations for evaluation. |
| believe that innovations are only for | | | | 5. Making Innovation Boring - People who have not |
| technology-based companies. Although technology | | | | been involved with an innovative company often do |
| businesses develop plenty of innovations, any | | | | not understand that innovation can be fun. Celebrate |
| business - regardless of size, location or industry - | | | | creative thinking and reward great ideas that help the |
| can develop innovations. These innovations may | | | | business grow. Offer innovation contests, |
| relate to the company's products and services as | | | | brainstorming sessions and other activities that |
| well as internal business procedures. | | | | encourage innovation throughout the company. Show |
| 2. Just for Scientists and R&D Department - Business | | | | examples of innovations that are strengthening the |
| leaders often leave the company's innovation | | | | company's position in its market. |
| activities to the Engineering or Research and | | | | 6. Delaying the Innovation Process - Don't wait until |
| Development departments. However, this approach | | | | your business grows to a particular size to begin |
| can cause a company to miss out on many valuable | | | | developing an innovation strategy. Many small |
| innovations. I have seen numerous examples of | | | | businesses can bring creative ideas to market faster |
| innovations developed by individuals without any | | | | than large corporations because of their small size. |
| formal science or engineering training. These | | | | Take advantage of the flexibility available to small |
| individuals often come up with great ideas because | | | | companies and start building your innovation culture |
| they are not "burdened" by the scientific training of | | | | today. |
| others. They approach problems from a different | | | | 7. Not Letting Customers Support the Innovation |
| angle and do not limit their thinking based on existing | | | | Process - Many valuable innovations have been |
| company products or systems. | | | | developed based on customer suggestions and |
| 3. Thinking Innovation is Expensive - Teaching people | | | | problems identified by customers. Treat every |
| how to identify innovative ideas takes some time, | | | | problem or suggestion from a customer as a "seed" |
| but the returns produced by new products and new | | | | for developing your company's next innovation. |
| product features can far outweigh the investment of | | | | If you are making any of these mistakes in your |
| time. Educating all personnel about innovation builds a | | | | own business, consider a change today to accelerate |
| culture of innovation that produces a steady flow of | | | | the growth of your company. |
| innovative ideas throughout the business. | | | | |