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10 Rules of Innovation

   The thing that no one denies that Creating an innovation culture in your business among your employees, help in increased profits, enhanced productivity, better staff retention. So, we prefer to discuss the rules of Innovation, that may help you to take steps in the right way.

Rules of Innovation

1- Ask The Right Questions

First, you should have a clear understand and articulate the reason for innovation. Innovation means change, and people resist change, so you need a pretty convincing story to get them to discard the old ways and do things differently.

The best way to start is by asking the right questions: How well is the problem defined? and What is the step you should take, you can start defining a sensible way to approach the problem using the innovation matrix.

2- communication

It is a basic one of the rules of innovation. open dialogue and information sharing help advance good ideas and surface problems early. open communication is why small companies often outpace larger, more well-funded companies when it comes to innovation.

Rules of Innovation

3- teamwork

No one person has the solution. The successful innovation is more of a team effort than an individual endeavor. Increasingly, we’re finding that to solve really tough problems, we need to work harder to integrate people with diverse talents. Really, collaboration is becoming a competitive advantage.

4- compatibility

successful innovators know that innovation has to fit into an ecosystem, both from a cost standpoint and a convenience standpoint. If your innovative new product or service is priced much higher than a competing offer and requires several technical steps or a paradigm shift in the industry to implement, then the chances of it being successful are going to be low.

5- Innovate The Core, The 70/20/10 Rule

Many people think of innovation as discarding the old to make room for the new, but smart companies realize that the bulk of their profits will come from current lines of business. The premise of the rule is simple. Focus 70% of your resources in improving existing technology, 20% toward adjacent markets and 10% on completely new markets.

6- positive change

The most important rules of innovation. Innovative small companies tend to be future-focused, constantly moving forward and focused on changing things for the better. We should be optimists, see the way things could be, rather than how they are.

Rules of Innovation

7- fair competition

If you are a small innovative company, there will be opportunities to take shortcuts or bend the rules to get ahead of the competition… don’t take this way. There are legitimate ways to win in the marketplace, and while those choices usually are more expensive and require hard work, at the end of the day winning fair is the only sustainable way for a small company to succeed.

8- Develop innovation capability

People have the latent capability to innovate, it just needs to be drawn out and facilitated through training in creative thinking and innovation tools and techniques. This is more than the traditional problem-solving skills; it is about unleashing their potential.

9- Adopt sound governance arrangements

It takes time to develop a culture of innovation. In the early days, the innovation program will need a guiding hand to provide support and to show the way. You’ll need an oversight group of influential pacesetters. In short, you need to experts in the innovation methodology and work with teams to ensure their success.

10- Invent at the customer needs technology and trends

Develop a three-dimensional matrix that includes the customer connection, the technological trajectory, and multiple perspectives on the future.