Press ENTER to search or ESC to close

FEB 03 2015

Top Characteristics of Innovative Companies


What makes some companies leaders in innovation and what makes other companies struggle for survival?

Knowledge about the innovation process is the differentiator between innovative and non innovative companies. Companies that innovate always understand how innovation happens and innovate on purpose and in very organised and structured ways.

How can a company create a culture of Innovation? It’s simple – put innovation at the heart of strategy, and “advertise” it in every single message. Think of this as a pyramid – big bets at the top, few projects in development in the middle, and continuous improvements, incremental contributions and new ideas at the bottom. 

Then, think about how do you successfully market an innovative product. The difference between a successful/unsuccessful produt has to do with how the product is designed. There are five different factors that you may consider before launching an innovative product in the market:

  • Is it better than what it's replacing?
  • Is it compatible with the way people currently do things?
  • Is it complex to use?
  • Can you try it in small doses?
  • Can you watch other people use it?

The top three characteristics of innovative companies

Successful companies may differ in terms of products and services offered, but they often share characteristics that help make them successful. Find out the top three characteristics that are common in innovative companies:

1. Customer Focus

The well known expression "the customer is always right" is the key for companies that wants to be innovative and successful. The most important thing these companies should do is their best to make sure their customers are satisfied, delighted and heard. What companies need to understand and do is to find out what their customers want, what are their needs and then start developing innovative solutions to provide their customers with the best technology. And remember – at the end of the day, your customers and their needs must be the focus of your company (don’t waste your energy only on sales).

2. Ambition to go further 

The world as we know it is full of entrepreneurs who never went beyond the initial stages of their ideas. Ambition and drive together, can help a startup owner go through the rough periods when starting