Episode 26

Innovation readiness is a critical issue for any organization.

by | Dec 7, 2021 | Podcast

It’s easy to think of innovation as something that happens only in the lab or in small start-ups. Yet innovation is a key component of every business strategy. In fact, the term “innovation” itself derives from the Latin word meaning “to find again.” Companies need to continually reinvent themselves to remain competitive. They do this by developing new products, services, and ways of doing things.

Companies need an innovation strategy because innovation is a complex undertaking. In addition to the usual suspects—technology, people, and capital—innovations depend on a host of other factors, including organizational structure, culture, and the nature of competition. Most important, however, is the innovation system itself: the set of interrelated activities, structures, and processes that govern how a company goes about searching for novel problems and solutions.

Host

Sannah Vinding

Episode

E26

Michael Haynes

Michael Haynes, Guest Mind The Innovation Podcast

Michael Haynes

Empowering CEOs of Service-Based SMEs with Buyer-Driven Strategies and Action Plans | Drive Business Growth | Acquire and Retain Business (B2B) Clients | Executive Consulting & Implementation Support | Mastermind Groups
B2B Customer Strategy Consultant & Business Growth Strategy Planning at Listen Innovate Grow.

We need to fail to a degree so that we can learn so we know how to move forward, how to be innovative and competitive.

Contact Michael via Linkedin, Website or download his free SME CEO Business Growth Checklist

Michael Haynes talks about that there are 5 elements of business innovation: product, services, organizational structure, process, and your marketing strategy and to succeed you need to be in alignment with your customer market and B2B buyer needs.

He also talks about that doing the upfront work really sets the framework for how you move forward and the lack of not doing enough of that that leads to miss opportunities or creating products that people don’t want.

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