Fresh ideas are the foundation of innovation. It’s widely believed that building a pipeline of ideas is the ultimate weapon for leading organizations but real value stems from developing a strategy to choose them wisely.
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The only constant is change. Businesses know that innovation is crucial to staying ahead of competition and are under more pressure than ever to generate new ideas. The process of cultivating a culture of innovation can be tricky; it’s easy to lean on concepts from the past or settle into familiar ruts.
Both innovation and disruption sound great on paper for any business aiming to distinguish itself from the competition, but do audiences know the difference? Many companies – especially startups – make liberal use of these words that connote change and creativity but the result is a blurred business definition of both words that can be confusing.
Even the most successful businesses face customer, competitive, and business growth challenges. The factors which led to stunning success in times past may not be what leads you to success in the future. 1) Lack of innovation can kill your company. Let’s face it. It's hard to be competitive... especially when you're dead. Hootsuite's CEO, Ryan Holmes, notes in a LinkedIn article: