7 Steps for Building a Top 100 Innovation Company

Creating a culture of innovation in large organizations can be a challenge, but the following steps can help set companies on the path to becoming top innovative companies. First, start with a strong vision that goes beyond the innovation scope of the business. Second, secure executive commitment from a clear majority of executives led by the CEO. Third, create momentum and instill a sense of urgency. Fourth, go for a full innovation upgrade, developing skills across the board from executives to external partners. Fifth, focus on people first, followed by processes and ideas. Sixth, communication is key; perception plays a significant role in establishing a strong innovation culture. Finally, be open to experimentation and learn from failures to create a learning culture that becomes more innovative.