Blog

What ‘being innovative’ means: how to create innovative culture💡

Why do many ideas never become products of the mass market? Frequently the fault is not even their bad quality, but insufficient governmental support and the lack of space for breakthrough changes. In other words, there is no innovation context. Let’s elaborate on how it’s formed.

Innovation support
Active governmental support can significantly increase the growth rate of an industry. There are 5 factors of the innovation success, and in all of them the government plays a crucial role.

⁃ Government as a customer. The first factor is the demand for new technologies and products. State procurement is a great incentive for innovative activities.

⁃ Government as an infrastructure creator. Innovative infrastructure includes an educational system, specific economic areas, and agencies for innovation development.

⁃ Government and creation of new competencies. According to McKinsey, by 2030 there will be 10-80 million of workplaces. So the most important objective now is to provide new skills for workers.

⁃ Government and innovation culture. Developing the culture of innovations and entrepreneurship plays an essential role. It implements educational programs and supports development institutions.

Innovation ground
Besides government interest, there should be a well-prepared foundation. It means that only innovative society is able to generate and adopt new ideas. There are the following conditions for its formation:

⁃ Two types of people. The first condition for Silicon Valley appearance is two types: the rich and the nerds. Rich people can actively invest, whereas many tech guys are ready to risk to change the world.

⁃ Risk tolerance. It’s important that in an innovative environment a person who ‘failed’ the campaign doesn’t become an outcast. On the contrary, their value grows: the people who have experienced fails are more valuable rather than those who not.

⁃ Workaholism cult. People whose goal is not money but generating something new create a great innovative culture.

What do you think forms an innovative culture? Share your ideas in our chat https://t.me/ideafactorychat


t.me/ideafactory1/352
#BusinessEducation