Remove the barriers stifling your business’s innovation

Innovation is a key cornerstone of a prosperous and effective business. It encourages new ideas and can drive profit. But it’s not always easy to implement. Innovation can look and seem exciting but in reality there are many barriers that may hinder creativity and agility. 

A Deloitte survey found that 78% of millennials are strongly influenced by how innovative a company is when deciding if they want to work there. Two-thirds also believe the outlook and attitudes of management are serious barriers. With millennials making up 75% of the workforce by 2025, it’s important for companies to take this feedback on-board. By fostering a culture of innovation, businesses can retain and attract high-performing employees, and drive growth and new ideas. Thus, encouraging innovation is a no-brainer. 

Take for example the top innovative companies like Apple and Netflix. Apple revolutionised the digital technology sector with the iPhone in 2007 and has continued to innovate, with new ideas (e.g. air pods, facial recognition) that have changed consumer habits and ensured Apple’s incredible success. Netflix on the other hand has transformed how we consume film and TV, introducing offline viewing and interactive content such as Black Mirror’s Bandersnatch.

For businesses to succeed, they must first recognise that barriers stifling innovation exist in the first place. By pinpointing them, organisations can bypass many common obstacles and employ simple but targeted strategies.

Barriers and how to overcome them

Fear of Speaking Up

Companies must provide tangible opportunities for employees to speak up and offer their ideas and insight. An environment where people are constantly encouraged means happier employees and ultimately a more productive and passionate workplace. 

Money and Resources

Businesses can struggle to allocate funding to innovation projects, particularly in retail, government, hospitality and education. Often companies have the desire to encourage innovation but lack the resources to deliver it. The Australian government responded to this by committing to an increase in funding support. Businesses should also aim to redirect funding to innovation, take advantage of incentives and recognise that there may not be immediate financial return. 

Change

Management tends to resist innovation because creativity poses uncertainty and at times financial risks, and so the status quo remains. Traditions don’t need to be tossed aside, rather they may need to be combined with new ideas to prepare organisations for the ever-changing future. Companies can get left behind unless they’re willing to consider adopting new ideas and ensuring innovation is a key part of their business model. 

Culture

While corporate culture can be a positive aspect of the company (i.e. free food, team bonding), it can also be a hindrance. Cultures built on politics, bureaucracy and hyper-competition can foster a toxic environment; one that is resistant to change through invisible forces of “conservatism and complacency” . For a company to embrace a change-positive culture, they could consider collaboration, introduce new recognition practices and clearly communicate the business’ intentions and principles.

Risk and failure

Many organisations want to innovate yet nobody wants to fail. However, the very nature of innovation is journeying into the unknown and thus there will be failures along the way. While it is important to reward successful innovations, it’s also necessary to recognise and learn from one’s mistakes and attempts - it’s all part of the process. 

Lack of time

So many employees already feel pressure to get through more work in less time and so the option to allocate specific time for innovation may not be possible. Fast business cycles add another level of difficulty to the equation. However, leaders are becoming increasingly aware of the importance to invest in innovation. So, while changes and progress towards these initiatives do occur, they may be very gradual.

Innovation can be risky; there is the fear of the unknown. As workplaces, employees and society evolve, companies must be willing to take some leaps of faith and implement strategies within business frameworks to foster creativity and innovation and remove the barriers that stifle them.