Creating an innovation culture
Creating an innovation culture
Situation:
- Financial services client was experiencing diminishing margins in existing businesses
- No new markets or products in the pipeline
- Struggling to attract new talent to create growth opportunities in the future.
Challenges:
- Resistance by some of senior managers to change
- Fear of failure and repercussion of failing while undertaking innovation
- Allocation of funds to new projects that could sustain growth
Resolution:
- A strategic facilitation program was implemented to create buy-in by staff of the consequences of business as usual
- Creating a vision of the future for the business and potential new opportunities for staff in that new future
- Implementing a climate where fast failing was rewarded
- Implementing entrepreneurial methodologies inside the organisation
Outcomes:
- Business now has 3 major innovative strategic plays without compromising the current profitability
- Received significant funding from parent company to be an incubator for new initiatives that are to be rolled worldwide
Areas covered
- Creating a climate of innovation, Change Leadership, Scenario Planning