Creating a Culture of Innovation
For every 1000 people, there are only three with entrepreneurial talent. There is an oversupply of innovation and an undersupply of entrepreneurship.
- In order to create a culture of innovation, you need to attract, retain and develop entrepreneurial talent.
- Inventors: create discoveries and breakthroughs.
- Entrepreneurs/Intrapreneurs: optimism and determination to create customers. (e.g., Wayne Huizenga: Waste Management, Blockbuster, AutoNation)
Innovation has no value until it creates something a customer wants. Entrepreneurs/Intrapreneurs are the connectors between innovation and creating customers. They take a current product/service and make it available to those who are not served or who are underserved, or they take a new idea and build a new demand.
5 Key Strategies to Attract, Retain and Develop Entrepreneurial Talent:
- Assign entrepreneurial talent to strategic job functions (less than 10% add the most strategic value).
- Be inclusive of all generations (2020 Workplace): frequency of job change; technology; work- life flexibility.
- Be a “great place to work” employer. Minimize miserable employees because they create miserable customers. Out of 100 million full-time workers in the US, 20 million are actively disengaged.
- Attract, retain and develop great bosses. Nearly 1 in five bosses are horrible. The average employee spends 15 hours a month complaining about his or her boss.
- Focus on customer engagement. When customer engagement increases, sales increase because customers will: buy more frequently; spend more per visit; pay a higher margin.