In today’s business world, having one product is not enough to remain competitive for the long haul. Industries like online advertising are changing at a rapid rate and with the emergence of real-time bidding coming into the fold, companies need to continue innovating to remain competitive.

Recently, Nokia decided to lay off 10 000 employees worldwide (3700 in Finland). However the main reason why they’ve resorted to these measures is that they’ve fallen behind Apple and Samsung in the smart phone. Nokia has led the pack for many years but its their inability to shift and convert their patents into viable marketable products, that’s led to their recent downfall. Even though Nokia receives royalties from the patents they license to Apple.

Nevertheless, the whole premise of innovation is getting something successfully onto the market. In this post you’ll find out whether your business has what it takes to innovate on a consistent basis.

Can your company innovate on a consistent basis?

Superior resources

Are you sitting on a pile of cash, maybe you got very creative team on your hands? Whether it’s financial or human capital, take a long look to evaluate what’s possible within your pool of resources. You might have amazing engineers that can move heaven and earth to build amazing products or you have a large network that can open doors for you.

The right skills

Does your company have people with the right skills to take you to the next level? For pharmaceutical companies looking to hire chemists, this might include, creativity, being a team player and communication skills.

For others it could be excellent execution skills. Nevertheless, getting a team together that gel well and complement each other can be a great recipe for success.

Experience

Do your employees have experience in the market? Market knowledge is essential to foreseeing what direction the market is heading towards. It also makes way for the development of products consumers don’t necessarily know they want. But be careful, as this can lead your team to become oblivious and fail to see the trends emerging. Nokia I’m talking to you!

Energy

Do you have individuals that can pump people up to perform? You want people in your company to be passionate about what they’re doing and in the process motivate others around them to execute projects.

The ability to motivate is key, as innovative projects are venturing into the unknown, have the risk of failing and their potential is realized when the project is nearing completion.

Collaborative culture

Does everyone like to share? You can’t do it all by yourself, and besides, everyone’s on the same team. Make sure information gained from market research gets to the engineers and feedback from customers gets the attention of everybody in the company. To ensure everyone is on the same page.

Innovation can yield high returns when the right foundations are in place. If your company ticks all the boxes above, well done! There’s no need to leave the conception of potential innovations to chance. Avoid the bureaucracy, self-interest and demoralizing culture to ensure your company can innovate on a consistent basis.