To keep track with the increased competition in today’s business environments, business leaders look outward to find potential innovation. Facing competition from start-ups, established businesses are inclined to pursue mergers and acquisitions. Such outward looking attitude might cause leaders to overlook ideas of innovation available internally. With the help of digital collaboration tools, allowing for staff participation in innovation encourages teamwork and camaraderie. Inward looking innovation involves the following few steps:

1) Formalizing the program: Setting up innovation programs on whims leads to major failures and hence, such programs should be formalized with guidelines. Larger companies set up their own incubation centres where their teams operate as start-ups whereas smaller companies enable teams to embark on pet projects.

2) Breaking down data silos: Data silos decelerate growth and innovation programs should break down such silos. Participants should be allowed to tap on a variety of skills and perspectives by using collaboration tools like Trello, Slack and Conceptboard.

3) Track Progress:  There should be a time element in the program lest projects won’t progress. Making events out of program milestones is a good way to inject excitement.

4) Provide executive support: Leadership plays a critical role in any innovation program with the duty of keeping their efforts aligned with the business goals. The momentum should not break down. Proper planning is indispensable for efficient time and workload management. 

Such efforts bring concepts closer to reality and not only seek to generate bright ideas. 

Read more at: https://www.smartdatacollective.com/ways-nurture-employee-innovation-from-within-organization/