Innovation

Innovation - the process of capturing ideas and putting them to work - is an undisputed factor in business success. It increases performance, profitability, shareholder value and productivity. The Talent Foundation's business scan carried out in May 2002 revealed that 61% of executives believe the importance of innovation has increased since the onset of the economic downturn in 2001. The executives admit, however, that they find it difficult to drive innovation in their company due to lack of time, fear of risk taking and a shortage of funds.

But some companies do do it, even when all those around them aren't. So what is it about them that is different? Building on the work which produced the Seven Factors for Business Success, The Talent Foundation identified the characteristics that made innovative companies different and what others could do to increase their rate of innovation.

Five main characteristics were discovered:

• Consciousness of strategies, results, and role in organisation
• Multiplicity of roles, skills, sources of know-how, and ideas
• Connectivity of people, teams and organisations
• Accessibility to resources, time and decision-makers
• Consistency of the HR processes and leadership style to support innovation

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