The five principles of innovation

Jan 11, 2022 | Blog Post

If you are a business leader or an entrepreneur, creativity and innovation can be the key for your business success. 

Innovation means introducing something new to your business. Each time you improve a process, add a product, write a policy or develop a program, you are being innovative. 

Unlike intelligence, creative and innovative thinking are tricky to identify and measure. How can you encourage creativity and innovation in your business? 

Here are the five principles to get you started: 

  1. Convert problems to ideas. Look at what you are doing and ask questions. What is working? What is not working? Create an environment where people feel safe to voice their opinions.  Remember that new ideas are born from problems and obstacles.  
  1. Establish an innovation system. It can be formal or informal. It is how people that are involved in the innovation process can interact and continue coming up with new ideas. 
  1. Passion and pain. Your passion for the idea will fuel the project. It will take you on many paths. It is inevitable that you will encounter some dead ends on the way. Learn from your failed attempts and gain insight towards the next iteration. 
  1. Co-location. For innovation, it is essential to have interaction between people with different ways of thinking, expertise and points of view. Ensuring physical proximity, results in greater exchange of ideas, stimulation of creativity and effective collaboration. When working remotely, it is important to choose a virtual community platform that matches your needs. 
  1. Diverse team. On your team you need intelligent, creative thinkers that are great at collaborating and are dedicated to the project. By bringing together people from diverse backgrounds, cultures, abilities and expertise, you will enhance and sustain the process of innovation.  

At the Generator we have this saying on the wall: “Innovation is a Collision Sport”

Coworking is defined as the formalised sharing of workspace through membership, community building and networking. You are invited to visit our venues in Bundaberg and Gympie and check it out for yourself.  

We host regular programs, workshops and events that support people to take the next step in their journey of business and innovation. Our shared office space is the natural environment for productive collisions that can lead to new ideas and collaborations.