Growth Hacks: Fostering Innovation In Any Business, Big Or Small

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When it comes to the most important things a CEO or an entrepreneur can do to ensure that an enterprise is truly innovative, I would say never to assume that there is only one way to do things. Before the Wright brothers thought outside the box to completely reimagine travel and invent the airplane, sea and rail were considered the best and fastest ways to travel for centuries and decades, respectively.

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Similarly, you should review your company’s internal and external processes with a critical eye, and always assume that there is a better, more innovative way of doing business. Moreover, innovation should be present in the way we work and how we interact with stakeholders.

Being transparent and looking at what opportunities are available to enhance relationships and work with partners and sometimes even competitors is critical. Innovation works hand in hand with collaboration, be it in the organization, with startups, with young people and so on.

The term innovation may be over used. Some have even said it is the buzz term of the decade. But it’s only because we are living in truly exciting times, where every day we are presented with a technology or progress that could change the way we live and work.

It is, however important not to use the word as a blanket term since it is the power of the inventions and the level of talent and skill needed for them to come to fruition that we should really be focusing on. Entrepreneurship has always been around, but recently, we have even witnessed big corporations that are striving to “act small and think big.”

Entrepreneurship is synonymous with innovation and disruption, and is becoming more visible as a core organizational value and pillar of leadership DNA that companies –both big and small– are looking for. There can be no growth if employees are not acting as entrepreneurs, and if they don’t embody an entrepreneurial mindset.

Related: Dubai Chamber's Khalil Haddad On The Need To Define Innovation In The UAE Before Fostering It