In a national study recently conducted by FtcWindsor staff as part of their development programmes in achieving their Masters degrees, some new and interesting ideas on innovativeness were highlights which may be of interest to you.
- Innovative firms are risk takers, creative, receptive and proactive.
- Risk taking: Innovative firms take risks on new ideas, people, new products, new services, new technologies etc. This means that firms invest time, effort and money into new ideas knowing they might not gain from the investment. However, some of the firms managed their risk by gathering information before investing too heavily i.e. their risk taking CALCULATED.
- Creativeness: Innovative firms produce creative ideas, products, services and technologies. Specifically, creative ideas where considered idea that broke with the norm. Alternatively, it is the use of current ideas, products and technologies in a new and dynamic way. No matter what type of idea it is – it creates new value for customers.
- Receptivity: Innovative firms are receptive to new ideas and they seek out new knowledge and information. The knowledge gained is then applied to either reduce risk or create new ideas. Of key importance – firms need to be receptive to risky information and ideas as well as safe information and ideas. This means that firms need to listen and absorb information that 1) contradicts their current views or 2) means that their might be more time, effort or monetary investment required for which their might not be a return.
- Proactiveness: Innovative firms take action on new ideas. They also see trends before other firms and take action on the trends before their competitors. TAKE ACTION – means these firms start to implement the idea or explore the idea before any of their competitors.
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