Many great ideas will cost money to implement, but not as much as you would think. Spend your money and resources in the right ways. Provide your employees with a meaningful, exciting environment and innovation will explode.
Better yet, hire innovative people and give them the power and financial backing to make things happen. For instance, an executive we spoke with told us about his company’s failings when it came to planning for and implementing new innovations. All across the organization, there was never a shortage of ideas being offered, and employees interacted and collaborated freely to come up with solutions to major issues. A team was even put together to review and vet the best ideas.
But when it came to implementing the chosen suggestions for new projects, that’s where the company completely dropped the ball. It quickly became apparent that some of these new programs were going to take resources, time, people, and cost actual money. Some required the hiring or redirecting of staff, earmarking time to do research and testing, purchasing or upgrading of new equipment, investing in new partners, and so on. The company was ill-prepared and most of their new programs fell short, or never even got off the ground.
Maybe your organization could learn from this mistake and plan out not only the process of innovation, but what you’ll do with the projects and programs you decide to launch out of your innovation process. You already allocate a certain amount of money for marketing, capital purchases, hiring new employees, and R&D, to name a few. Innovation cuts across all these areas. Take a small portion of these budgets and earmark them to only be used for innovative new programs in these areas each year.