The Facts
- Boston Consulting Group found that innovative companies achieve 2x the revenue growth of their less innovative peers.
- According to PwC, 93% of executives believe that organic growth through innovation will drive the greater proportion of their revenue growth.
- McKinsey reports that companies with a formal innovation strategy grow at a 2% higher rate than those without.
- Deloitte advise that businesses that foster a culture of curiosity see 391% higher revenue growth compared to their competitors (The Curiosity Advantage – Unlocking Innovation for Growth)
An innovation culture isn’t just about new products—it’s about fostering a mindset that drives growth across all aspects of your business. Whilst you may think that everything is “fine” and we have all heard the expression “don’t fix it if it isn’t broken”, have you considered that there might be an alternative and “better” way of doing things?
The Key to Unlocking Growth
- Create dedicated time for innovation (like 3M’s famous 15% time policy)
- Implement a structured innovation process (can improve the success rate of innovations by up to 30% – Accenture)
- Encourage calculated risk-taking and learn from failures
- Foster cross-functional collaboration (diverse teams are 45% more likely to grow market share – BCG)
- Reward innovative thinking, not just successful outcomes
This won’t happen overnight. Building a culture of curiosity and innovation is a journey. It requires commitment from leadership and consistent effort over time. Innovation needs to be embedded into the fabric of the organisation where people are encouraged to think differently, reframe the problem and consider alternative solutions.
