HOW TO INNOVATE IN TODAYS ECONOMY

To succeed in today’s market, whether for new or existing events or for your business, you must not only be able to innovate, you must recognize opportunity and ensure you are poised to seize it.

G. Michael Maddock, CEO of Maddock Douglas, which advises Fortune 500 players like GE and Wal-Mart offers these tips for getting there. (as seen in Spokane Coeur d’Alene Magazine)

1. Balancing Act: Wherever you find an innovative culture, you will see two primary personalities in leadership: the “Idea Monkeys”, who have no shortage of great ideas but do not have the follow-through to see a project to completion, and the (Ring)leaders, who specialize in execution and managing details. Every great enterprise needs a Yin for a Yang – Walt Disney had Roy Disney; Steve Jobs had Steve Wozniak; Wilbur Wright had Orville Wright. Ideally, an innovator needs a (Ring)leader at his or her side, and vice versa. Too much of one of these personalities spells disaster for any business. Is your leadership humble enough to understand this?

2. Outside the jar: There’s a great saying in the South: “You can’t read the label when you’re sitting inside the jar.” If you’ve been in the same business for longer than six months, you’re likely in the jar. You’ll find your response to new ideas is typically, “We’ve tried that and it didn’t work,” or “Yes, but…,” or silence, or even a dumbfounded “huh?” Fortunately, there are several ways to get your head outside the jar: Accept ideas from junior personnel, seek perspectives from different departments and switch up leadership roles, and, most important, infuse perspective from outside your business. Diversity is the key to a fresh perspective. Is your expertise killing you?

3. Laughter (more than stress relief): As a response to humor, laughter is uniquely human; as far as we know, no other living thing can laugh. In business, laughter is the antithesis of fear. It is impossible to innovate effectively if you are afraid--nothing kills great ideas like fear. Fun-loving environments where workers are free to laugh are healthy places for creativity. One more thing…if lots of people laugh at an idea, there is usually meaningful insight there worthy of much deeper exploration.

4. Failing forward: History is filled with people who risked and lost much, yet went on to change the world. From religious leaders to Christopher Columbus to Winston Churchill to today’s budding entrepreneurs, learning how to efficiently experiment and learn is key to innovation success. Does your business embrace some risk taking or is it too afraid to fail?

Embrace creativity, think outside the box and try new things. That next innovation could be a real success.

Vicki Leeper, Tourism Director