Innovation has always been an important factor in the success of a business. A perfect example is India's Tata Group since it has made innovation a performance criterion for its employees.
The Tata Group was established more than a century ago and is still running strong. The key to its success has been innovation. The company's chairman realized that in order to survive in a global economy, he had to make innovation a priority. Some of his strategies have been implemented by others, such as Nike, Nokia, and Apple, who have turned successful as well. The following are a few key points that CEOs of these innovative organizations have shared on innovation that can lead to success at the global scene:
1. Creating a team of executives who are responsible for inspiring, sharing, and approving/disapproving new ideas.
2. Stimulating innovation by sending workers to workshops where they can be taught to think more creatively or giving workers a few hours of the week to work on personal projects.
3. Build innovation into the organization and teach employees the importance of it.
4. Starting an internal forum where employees can post questions/answers or discuss possible ideas.
5. Recognizing successful innovators is a boost of morale for the entire organization.