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Developing a strategy for innovation

Innovation should be tied to the company strategy and built into the core competence of the business. Innovation can be an improvement on an existing product, it can also mean small, internal changes to business or management processes that alter the way things are done.

Being innovative means setting aside the time to foster ideas. It also requires investment in people and resources. Often, your employees will be your best source for developing ideas for innovation. Everyone in the business has the potential to be creative. Anyone can innovate. Each person can have a different viewpoint or may come from a different background - this will also help the ideas flow in different directions. Even the smallest idea can be the seed that can start a fundamental shift.

As a starting point for innovation, new ideas are needed. These ideas will form the basis for new products, services or processes which will satisfy a need, be the result of an opportunity or to solve a problem. Ideas can be sourced from any number of areas including customers or a problem you may have encountered.

When searching for new ideas, consider the following:

  • Connect with your customers
  • Select the strategy for developing innovation
  • Update your business plan to allow for innovation to be a part of that process
  • Create a business culture for innovation

Having a responsive business strategy is important for adding value in your business. Often the most effective innovation comes from changing the way things are done. 

Leading a company to think innovatively is hard. It takes discipline, dedication and a structured approach.

If you are trying to make changes within your company and need a practical toolkit and modern applicable strategies, which will ensure that your business succeeds, then take part in FIPP’s Executive Programme for Innovation and Change (EPIC) taking place in July in Oxford UK.  

As a course dedicated to senior management with strategic responsibilities, EPIC has already attracted CFOs, COOs, general managers, managing directors, publishing directors and the like, from companies who are open-minded and ready to embrace a new way of thinking, learn a new set of strategic tools and hone in and develop their leadership skills to be able to iterate, innovate and transform their businesses.

Come and join like-minded people from Dennis Publishing, UK; Editorial Vistazo, Ecuador; Gulf News Media, UAE; Hearst Shkulev Media, Russia; Hubert Burda Media, Germany; IDG, Vietnam; Organización Publicitaria, Honduras; and Prisma Media, France, who have already signed up. 

Don’t let fear hold you back. Innovation is about being prepared to step outside of your comfort zone and challenge the status quo.

Find out about FIPP's Executive Programme for Innovation and Change.

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