Managing Innovation

The following is a good article about managing innovation. http://online.wsj.com/article/SB119023924039732943.htm
In order for innovation to work in any company, a culture of innovation must exist. Smaller companies inherently dive innovation because that is what’s required to survive. But as the smaller companies begin to change the ecosystem, can larger companies adapt or are they destined to become extinct? Anyone with an entrepreneurial spirit who is attempting to make changes within a large established company that does not sense the urgency for change will undoubtedly feel frustrated. Changing the culture to be receptive to innovation is not easy, but the article outlines four main factors that need to change in order to help a corporate culture become more innovative:
1.Have an awareness of attitudes – You have to have a certain degree of discomfort in your business to be willing to make the changes that are necessary.
2.The ways you think – Most people are trained to think analytically, but analytical thinking isn’t very good for trying to envision a new future. Consider “design thinking” instead.
3.Processes and tools – It’s not enough to just think differently, you have to build processes and support people by providing time for them to think on their own.
4.Managing risk – You have to have a tolerance for risk if you are going to try to be innovative. A lot of companies just do not have that tolerance.