Solis states, "If we do not empower intrapreneurialism, we either nurture the unexceptional or push great people toward external entrepreneurialism." This advice seems obvious to most, but is a challenge to put into practice due to an acceptance of tradition or simple passivity. This lack of action leaves many firms entrenched in habit and unable to foster a culture of innovation. Market research is rapidly changing, spurned by one technological advance after another, and those firms who are not supporting innovation can quickly find themselves too far behind. One only has to look at the failure of KODAK to pursue their disruptive technology, digital photography, to see this principle in action.
Evolving technology and shrinking budgets are partially driving the current industry overhaul and are leading clients to desire more insights for fewer dollars in a shorter time frame. The solution, then, is to rethink how we do business and harness the new technologies available to us.
Evolving technology and shrinking budgets are partially driving the current industry overhaul and are leading clients to desire more insights for fewer dollars in a shorter time frame.
Some of the biggest inhibitors to innovation are often lack of knowledge or lack of proof that a new idea will work – inevitably leading to a fear of failure. But, as Solis states, it is ok to fail, as long as we are failing forward. "Fear of failure contributes to risk aversion. Failing doesn't have to carry such negative overtones. Failing really means that you tried something and it didn't work out. At least you tried. As long as you tried and learned…quickly…then you can move on."
Solis goes on to describe what he sees as the overarching themes to building a culture of innovation, which he has distilled into what he calls "The 12 Pillars of Innovation". His thoughts make for a very good read.
As changing human behavior gives rise to exponential data growth, those of us with the ability to synthesize and explain that data are going to be in even more demand. Smart firms will not only lead the innovation charge, but will also align their culture to support on-going innovation as the marketplace continues to change. At Murphy Research, we've always had a competitive advantage centered on our ability to be nimble, and we see the changing landscape as the perfect opportunity to continue that practice. We couldn't be more excited about what's next.