3 Ways You Can Spark Innovation in Your Company

Despite all the talk from leaders about innovation and investment in developing new products and services or new lines of business, growth remains elusive.

A big part of the growth problem is most corporate innovation initiatives, siloed in R&D divisions and idea labs or corporate accelerators, never reach customers. These initiatives are very good at generating ideas but weak in commercialization.

Why? Because companies are too focused on cultivating innovators within their businesses and not enough on developing those people who can commercialize innovative ideas.

Here’s an important distinction: Innovators create, but builders commercialize.

The reality is, innovation has no value until an ambitious builder identifies an unmet market need; wins the competitive fight for corporate resources; navigates the rough waters of organizational politics; turns underdeveloped ideas into fleshed out business plans; and, most importantly, finds customers for the new products or services.

Here are ways you can identify and develop your builders and create a culture that fosters the entrepreneurial spirits that are essential to growth.

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