The 7 Habits of Highly Innovative Companies: Lessons from the Trenches
In the ever-evolving landscape of business, innovation is the key to success. In their book "The 7 Habits of Highly Innovative Companies," authors Morten T. Hansen and Julian Birkinshaw identify the characteristics of organizations that consistently break new ground and stay ahead of the curve.
Here are the 7 habits that distinguish highly innovative companies:
Habit 1: Discovery Over Invention
Innovative companies focus on discovering new needs, opportunities, and technologies, rather than trying to reinvent the wheel. They engage with customers, conduct thorough market research, and stay attuned to industry trends.
Habit 2: Connection Over Content
Innovators understand that connections are more important than content. They build bridges between diverse teams, departments, and partners to leverage knowledge, expertise, and resources.
Habit 3: Embracing cannibalization
Innovative companies are willing to cannibalize their own products or services to create new ones. This mindset allows them to stay agile and adapt quickly to changing market conditions.
Habit 4: From Potential to Realized
Highly innovative companies differentiate themselves by turning their potential into realized outcomes. They focus on execution, overcoming obstacles, and refining their ideas.
Habit 5: Integrated, Not Linear
Innovators recognize that innovation is an integrated, holistic process. They bring together diverse perspectives, skills, and expertise to foster a culture of experimentation, learning, and improvement.
Habit 6: Connection of Small Wins to Big Impacts
Innovative companies encourage and celebrate small wins, which often lead to significant long-term impacts. This approach fosters a culture of experimentation, learning, and continuous improvement.
Habit 7: Scaling Overnight
Highly innovative companies are prepared to scale rapidly when opportunities arise. They have a culture of experimentation, are adaptable, and have the capabilities to quickly execute new strategies.
In conclusion, the 7 habits of highly innovative companies are essential for success in today’s fast-paced and competitive business environment. By adopting these habits, organizations can unlock their full potential, stay ahead of the curve, and drive growth and profitability in the long run.