Innovation: Harnessing Creativity for Business Growth by Adam Jolly

By Adam Jolly

For plenty of, says Dr Gary Hamell of Harvard enterprise college, innovation is ''the simply approach to break out the ruthless hyper-competition that has been hammering down margins in after industry''. This quantity, in accordance with learn, seeks to discover the features and strategies which distinguish actually leading edge businesses and to supply administration instruments for uplifting, supplying and commercializing cutting edge new rules. It makes use of case experiences to teach innovation in perform, together with Marks & Spencer, Waitrose, Dyson, Peabody, Bioprogress, Dundrum Oyster Farm, Linear Drives and Microsense.

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Based on a design from the aerospace industry, the Bumper Nut is the first aluminium fastener, allowing the whole bumper and nut assembly to be recycled. Colin Mileham, manufacturing manager, believes that the ideas of employees are the foundation for innovation. He is committed to empowering his staff to contribute to the design process and take responsibility for their ideas. Likewise, partnerships with customers, suppliers and the community are seen as core to the success of the business. Much of the company’s award-winning success is down to the unique vision of senior managers in which the key importance of employees is fully recognised.

The methodical approaches of bankers and accountants might appear incompatible with the spontaneity upon which innovators thrive but when all parties share a common aim this unlikely alliance can prove fruitful. 25 inspire Besides encapsulating the objectives, financial estimates and forecasts associated with a prospective innovation, a well-written business plan can be used to summarise the state of the business as a basis for judging the need to secure extra funding. The plan should then be tailored for prospective investors, identifying what is exciting and different about the creative idea and demonstrating that they stand a good chance of being paid back or getting a good return on their investment.

Alec is a Fellow of three leading institutes representing Accountancy, Personnel and Marketing and is an enthusiastic, innovative and entertaining contributor to the development of each profession. With an abiding interest in education, Alec set up the Reed Business School and founded The Academy of Enterprise, a non-profit initiative that promotes enterprising behaviour throughout the United Kingdom. As Professor of Innovation at Royal Holloway, University of London, he has created a unique course for undergraduates concentrating on Leadership, Innovation and Enterprise Studies (LIES).

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