In the realm of business, the task of sustaining innovation is not a simple one. It demands ongoing effort and adaptability, particularly when guiding a substantial, well-established organisation with numerous components. In my capacity as the leader of a company housing renowned brands such as TiVo and DTS, I have had the privilege of observing the thrill of developing groundbreaking advancements in entertainment technology, as well as the challenge of steering these businesses towards the future.
The path towards sustaining innovation is fraught with obstacles, one of them being the inclination to hold onto past successes too tightly. Companies frequently find themselves deeply entrenched in current practices and products, making it arduous to achieve fresh progress. Maintaining objectivity and consistently assessing upcoming opportunities and potential threats is essential. Objectivity acts as a pivotal asset in signaling the need for a change in direction. This task is not without its difficulties, but it is imperative for advancement.
The culture within the company also wields a substantial influence on sustaining innovation. A culture lacking in purpose can lead to stagnation. Employees require a clear understanding that they are valued and a sense of purpose in their work. Encouraging employees to enhance their skills, contribute new ideas, and providing pathways for career growth is crucial. Trust in the value of their input is critical in cultivating an environment of innovation.
While data is crucial, it is not always definitive. Context and interpretation are as important as the figures themselves, particularly when dealing with complex problems. It is essential to consider new data against the broader technological trends and the successes and failures of the company in the past. At times, this fusion of information leads to crucial insights that propel innovation.
In tandem with internal efforts, partnerships can unveil untapped potential. Most innovation arises from making adjustments to an existing product to introduce a surprising new feature. Progress often involves establishing partnerships in related industries where both parties benefit from accessing each other’s markets and technologies. These influential relationships have given rise to numerous innovations, opening up new areas of operation and addressing the needs of customers in unique ways.
Ultimately, the cornerstone of sustaining innovation lies in embracing objectivity, nurturing a culture of continual value addition, seeking insight from contextualised data and external stakeholders, and forging partnerships to unlock untapped potential. This is no small feat, whether for a substantial, established organisation or a younger company, but with the appropriate strategies in place, businesses can avoid the trap of being a one-hit wonder and relish in the excitement of many more innovations on the horizon.