Starting with the why – two compelling reasons why innovation is important to business

If you're going to sell your innovation strategy to key stakeholders, you're going to need to sell them on the ‘why innovation is important’ first. Let's explore some critical reasons on why you should be innovating in your company.

Aoife Duggan
by Aoife Duggan
why innovation is important

Simon Sinek caught the attention of the business world when he wrote these simple words in his international bestseller, Start with the Why:

“People don’t buy WHAT you do, they buy WHY you do it.”

Although sales and marketing teams everywhere have been operating under this paradigm for decades, the message has yet to be absorbed by many other areas of business; specifically, the innovation sector.

However, make no mistake, whenever you approach stakeholders with your new strategy to up the rate of innovation in your business, you are a salesperson. Short-term thinking, fear of failure, lack of budget and straight-forward resistance to change can be powerful barriers that may stop your leadership team signing off on your ideas. If you fail to capture the ‘why’ behind the innovation process, you’ll always struggle to create enough momentum to drive forward meaningful change.

That’s why, this week, we wanted to spend some time working through the key motivations behind your innovation architecture. Use these compelling reasons to convince wary executives why innovation is important and the best way forward.

1. Businesses that don’t innovate are guaranteed to fail

This is perhaps the toughest truth to get your head around, but it’s nothing if not compelling.

If there’s one thing we can be certain of for the future, its change. Markets, products and organisations are all finite things with a limited lifespan. Whatever your business is selling today will, eventually, not be needed any more. Either your market will dry up in favour of newer, better products, or more innovative businesses will create efficiencies that eat up your market share.

Innovation is the counterweight to this. The resources your business has at its disposal provide it with a platform for reinvention and diversification that help you to stay relevant in a changing climate. If you can stay one step ahead of the rest of the market, you have the chance to extend your natural lifespan by hundreds of years.

However, without innovation, failure is an absolute guarantee.

2. The future is unpredictable

This might seem like stating the obvious, but there’s a much more poignant strategic point to make here. A lot of companies like to play it safe, monitor market trends and pour resources into gaps that they deem to be profitable. It’s a reactive mindset, and whilst this can work as a short-term strategy, it’s innately insecure.

The reason is that, without knowing every new product being developed and every piece of research being carried out in your sector, there’s no real way of knowing what your market will look like in ten years time. You could, for example, spend years developing the most sophisticated iPhone application available today, only to find out that a new AR technology has suddenly rendered iPhones obsolete.

That’s why the only safe bet for long-term business survival is to be a company that’s leading the way and directing the flow of the markets. If your product is not only solving existing problems, but beating challenges your customers didn’t know they had, then you will always have the advantage over reactive organisations.

In the end, it’s vision that drives company success over the long term. If you can see a path to a better future and innovate your way to it, then your future as a company is as robust as it can possibly be.

To learn more about how Idea Drop helps major organisations secure their working futures through innovation, get in touch with us using the chat box below.

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