How important is innovation?
I recently took part in an innovation rally. It was said there that a) few financial firms manage to get intro Forbes list of innovative firms, and b) that it was an achievement that 50% of this firm’s (statestreet) employees think innovation is essential. However this means 50% don’t think this, and is this not in fact the reason financial firms struggle to be innovative?
What’s the single most valuable resource on the planet? Human capital. The firms that find ways to tap into the cognitive and creative surplus of their employees over the coming decades will be the most successful ones. Because these firms will be making the most efficient use of that valuable resource, empowering people throughout the organization and presenting as many people as possible with genuine opportunities to innovate.
Do you agree with this analysis? And if so how can today’s firms more effectively and efficiently innovate?