Innovation in the Midwest ? A Self-Improvement Guide - teaomvig's ...

Member Insights by Cathleen Hare, Plante Moran Partner, Columbus Office

Finding ways to sustain and grow a business is a challenge at the best of times, and it becomes even more challenging during difficult economic times such as the recent downturn. To push an organization beyond a survivor?s mindset to one that promotes growth and change requires innovation. Most importantly, organizations that innovate successfully can reap significant benefits. That?s according to a survey of public and private sector companies in the Midwest including a number of members from our Chamber.

The findings can be found in Plante Moran?s second annual Innovation Quotient (IQ) survey that, with the help of business educators of NewNorth Center, assessed more than 500 innovators from business, non-profit, health care and public sector organizations.

The survey identifies four tiers of innovators ? accidental innovators, disciplined innovators, top innovators and superstar innovators ? and demonstrates how organizations that move up the innovation ladder can improve their financial results. The innovation superstars have innovation in their DNA:? Their organizations look beyond the next horizon and make a deliberate choice to build and nurture innovation.

On average, survey respondents said they generated 16 percent of their revenue from new products or services introduced in the last three years. However the elite tier of superstar innovators was shown to adopt deliberate innovation practices that included budgeting for innovation to meet strat?egy goals and publicly rewarding ideas that emerge. This select group innovates in all methods and was rewarded by products/services introduced in the last three years that accounted for 23.3 percent of their revenue.

Those who achieve superstar status have innovation-hungry cultures we can all learn from, but a strategy is needed that includes the following tactics:

• Establish clear and measurable expectations
• Monitor progress on those expectations
• Alter the plan when necessary
• Abandon when not generating results

Innovation is a long-term investment and it takes leadership from the top down. A participant from the health care industry put it best when he said ? ?With or without legislation, we should continue to look for innovations and efficiencies in health care because it is the right thing to do.?

To see the complete survey results, click here. Thank you to those members who participated in the survey this year, and we look forward to continuing the innovation conversation with all of you next year.

Source: http://blog.columbus.org/chamber/2012/10/innovation-in-the-midwest-a-self-improvement-guide.html

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Source: http://teaomvig.posterous.com/innovation-in-the-midwest-a-self-improvement

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