Risk aversion is a situation where an individual has a natural preference for certainty over uncertainty.
It describes the steps needed to build out or establish an idea or product at scale in the most effective ways.
Set of accepted guidelines for manufacturing products and carrying out processes to promote efficiency, safety, and optimal related outcomes.
Ability to see the difference or similarities between things; perception; cognition.
Unilever Foundry is a crowdsourced innovation program that allows start-ups, creatives, and inventors around the world to collaborate and ideate, with the aim of making sustainable living mainstream.
Strategic drift is an unintentional deviation from the agreed-upon direction, which can lead to missed opportunities and falling behind competitors. To prevent it, organizations need to continuously communicate a shared strategic vision, empower localized decision making, and promote alignment through OKRs and work visualization.
Failure is essential to innovation, but how can organizations accept and learn from it? Failure must be contained and predictable, part of a learning process, and not a terminal destination.
Rewarding employees for ideas is crucial for fostering a culture of innovation. Learn how to properly reward employees for ideas to strengthen your overall innovation strategy.
Employee ideation can transform a company's culture into a hub of innovation. Companies like Commonwealth Bank have seen success with intrapreneurship programs that empower employees to channel their inner entrepreneur and improve customer experience.
Learn how to conduct effective performance appraisals by standardizing the review process, allowing employees to take ownership, fostering honest conversations, and choosing a personable reviewer.
This article discusses Elon Musk's success as an innovator and his ability to challenge industry orthodoxies.
Learn how to communicate with difficult co-workers by changing your mindset, evaluating your own reactions, and approaching the situation in a private and non-confrontational way.
Sunk-cost bias affects decision-making in innovation projects, leading to zombie projects. Daily reflection and mindfulness meditation can help reduce sunk-cost bias and the anticipation of regret in the future if a project is abandoned.
Open innovation examples from Coca-Cola, LEGO, Samsung, and Facebook are discussed to highlight how external ideas can enhance business innovation.
Remote workers offer access to diverse skill sets, reduce costs, and increase scalability. However, managing and integrating them into a team can present challenges such as poor collaboration, security concerns, and productivity issues.
Learn how to motivate employees through a reward system. Discover the different types of rewards you can give your employees and the benefits of creating a positive work environment.
The Sunk Cost Fallacy is a toxic mindset that keeps people and companies investing in failed projects even when they should be stopped.
Microsoft Teams, the most populated online collaboration tool, offers a perfect space for company-wide idea-generation enabling leadership to collaborate on a global scale with their employees.
Innovation management is crucial for success, but some common phrases can kill innovation strategies. Here are the top 10 that hold companies back.
Pitching a new idea can be challenging. This article summarizes the top five challenges when pitching an idea and provides solutions to overcome them.
Employee burnout is a major threat to their mental and physical health. This post discusses the causes of burnout and offers suggestions for reducing stress.
Employee reward systems are a way to motivate and retain employees through various forms of recognition and incentives.
Open innovation involves seeking ideas and input from external sources like clients, partner organizations, and academic institutions. It is vital for businesses to stay ahead of the competition, improve diversity of views and experience, gain direct feedback from customers and partners, share knowledge, and spread the word about their business.
Top executives talk about innovation but often fail to walk the walk. A lack of innovation education, risk aversion, and a focus on short-term gains all contribute to this.
