How to develop the next generation of innovators

Innovation is about continuous improvement and the relentless pursuit of better solutions. Image: Shuttersock

It has long been recognized that innovation is a key ingredient to growth and prosperity, but the search for innovative solutions has not always been aligned with larger social and environmental goals. “Wise Innovation” aims to bring together innovation, wisdom, compassion and a comprehensive definition of success.

Defining Innovation The essence of innovation is to create something new. This newness does not have to be a groundbreaking product or invention. It can appear as a new method, policy, or approach to work or life. The essence of innovation is recognizing that new results require new ways, and everyone can contribute to this process regardless of their job. True innovation is not just about having new ideas. It requires implementation and practicality. Ideas that do not improve on existing solutions are not true innovations, but merely creative exercises. Scholars often use a spectrum, from incremental to radical, to describe innovation. According to an article in The Atlantic magazine, fire, the wheel, agriculture, and the printing press are among the 50 greatest inventions of humankind. This article presents an interesting perspective. Revolutionary policies such as democracy and women's equality and voting rights are also featured in this list of social innovations. These revolutionary inventions have undoubtedly changed the world. The Value of Derivative Innovation However, not all innovations need to change the world to be meaningful. Borrowing an idea from one field and using it in another can be innovative, even if it is not revolutionary. For example, Amazon transformed the business paradigm by developing a two-way online marketplace. Other industries have adopted the idea: Airbnb and Uber, for example, are online marketplaces that connect homeowners with renters and car owners with passengers. While not as revolutionary as Amazon’s original vision, they’re still interesting.

An important thing to remember is that innovation is a spectrum, and where it sits on the spectrum does not necessarily indicate its value. Even derivative innovations can have a significant impact and improve the world. Therefore, innovation must be new and useful, deliver better outcomes, and add value beyond what currently exists. This broad view of innovation goes beyond products and technologies to encompass any new and useful approach that improves our daily lives. After all, innovation is about continuous improvement and the relentless pursuit of better solutions.

Core Components Innovation stems from three core components: First, innovation has a clear purpose, aiming to produce something new and valuable as an end result. Second, achieving this innovative outcome involves a specific process. Different methods for stimulating innovation have been popular at different times.

If you subscribe to the Silicon Valley innovation philosophy like me, the Lean Startup methodology forms the foundation of most startups in the region. Combined with agile development, it serves as the primary process for delivering innovation. The method involves identifying a problem, conducting experiments, learning from them, and iterating. It's a proven approach that has led to a ton of innovation.

One of the biggest obstacles to innovation is the lack of knowledge about these methods. Many people, including those working in areas outside of product development, such as human resources professionals, are unaware of design thinking and lean startup methods. These methods can be applied to improve many aspects of work, such as creating better compensation and retention policies.

Another key element is mindset. Innovation is fostered by an entrepreneurial mindset that is risk-taking and focused on outcomes. But excessive entrepreneurialism can be counterproductive. Conversely, a growth mindset goes hand in hand with innovation. A growth mindset fosters the belief that you can continuously learn and overcome challenges. Understanding these processes and cultivating an entrepreneurial mindset and a growth mindset are therefore essential to realizing innovation. A lack of these qualities is often a barrier.

These skills and mindsets can be developed, and many business schools and coaching centres aim to teach both the innovation process and the attitude required.

Also read: Non-Disruptive Creativity: An Alternative Path to Innovation and Growth?

Beyond monetary gains Understanding that success is not determined by monetary gain alone is at the heart of intelligent innovation. Sustainability requires equitable economic development, community well-being, and environmental stewardship. This is similar to the idea of ​​the “triple bottom line,” first coined by scholar John Elkington, which advocates considering the three Ps: profit, people, and planet.

But this balance is not easy. Many inventions, despite their economic success, have unintentionally harmed the environment and society. Consider the ubiquitous plastic water bottle: it has increased environmental pollution while at the same time facilitating access to clean water.

Therefore, to overcome this dichotomy, smart innovation aims to be “net good” in all three dimensions: profit, people and planet. This requires a change in thinking that goes beyond traditional strategies such as lean startup and design thinking. Rather, we advocate embracing broader perspectives such as responsible innovation and systems thinking.

Incorporating wisdom into innovation Wise innovation goals should be incorporated into business partnerships and curricula. In addition to traditional innovation methodologies, the formation of a wisdom mindset and a paradoxical mindset should be prioritized. A wisdom mindset, following ancient philosophical traditions, encourages compassion and holistic decision-making. Meanwhile, paradoxical thinkers are better able to reconcile seemingly incompatible goals and devise original solutions that meet multiple needs.

Embracing these mindsets helps our students and business clients approach complex challenges with creativity and integrity. Epistemological humility, a fundamental element of the wisdom ethos, constantly reminds us that there are always new paths to pursue and perspectives to consider. A willingness to consider different perspectives strengthens the creative process and promotes resilience and creativity.

Though mindful innovation is relatively new, its precepts may resonate strongly with ethical, purpose-driven innovators, and to the extent we support this approach, we should pave the way for a future in which innovation benefits and transforms the planet and society.

Dr. Varun Nagaraj is the Dean and Professor of Information Management and Analytics at SP Jain Institute of Management & Research (SPJIMR).

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[This article has been reproduced with permission from SP Jain Institute of Management & Research, Mumbai. Views expressed by authors are personal.]

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