The eight best practices in innovation

Effective innovation is crucial for staying relevant and competitive in today's fast-paced business world. An innovation expert with over 20 years of experience in the field shares his top eight practices for making innovation work. Leaders need to communicate a compelling 'why innovate' story to create a sense of urgency and buy-in from the organization. Having a formal innovation plan that includes benchmarks, goals, milestones, and measurement is critical. Adopting an experimentation mindset and reframing failure as an opportunity help overcome the fear of trying new things. Looking inside and outside the organization for ideas, creating an idea-receptive culture, and focusing on changing behavior first are key components of a successful innovation strategy. Finally, learning and using a new tool kit to enhance, evaluate, and test ideas can help unlock the creativity of all employees.