Bottom-up innovation is fueled by many ideas initiated by employees, as opposed to top-down innovation, which is fueled by a strong vision - often by the company’s founder. Bottom-up innovation leaders are entrepreneurial, supported by management’s emphasis on creativity and a can-do culture, and often share these eight attributes.
An article on the Financial Post website triggered me to write this article. A lot is being written about open innovation and much of them focus on, as the article says “spurring innovation by bringing the outside in”. Why should you engage your employees? They are the beginning of the equation that results in profitability and happy shareholders. Michael Porter said that employees are the major source for a company to increase competence and profits. Take care of your employees, they will take care of your customers and your profits. Open innovation can be the ‘mechanism’ to do so.
The collective wisdom of your co-workers is a huge asset in the fuzzy front end. But which challenges do you need to address and solve in order to create a structured and effective employee driven innovation process? Read more about a method using idea markets as a powerful incentive. And it has already proven its worth in a number of large Scandinavian companies.
