Innovation is the driving force behind trends in the high-tech global economy of today. Real, tangible innovation is key to the success of a modern enterprise. Shifts in technology are rapid and only a grasp of future trends and a desire to ‘catch the wave’ of change can result in success. Watch this video to learn how to encourage innovation in your business:

1. Develop a strategy: Ensuring that your company is open to the idea of innovation is key to making the most of shifting trends. Ensure that your product, service and operating model is agile and conducive to change.

2. Be aware of developments in technology & industry trends: Be aware of developments in your industry and markets that may be of potential relevance to you. Also, think of ways, maybe out-of-the-box, that your company could employ to ‘innovate’ and grow your business. Be abreast of the latest technology.

3. Promote a creative culture: Encourage employees to learn about relevant trends and keep their eyes and ears open for opportunities to innovate. Ensure that channels of communication are open - in the modern day, traditional hierarchical models of corporate governance stifle innovation. Work towards a more open office culture - sometimes the best ideas will come from the youngest employees.

4. Be proactive: Complacency is the anti-thesis of innovation. Being proactive in all that you do will make innovating easier. Search for solutions - solutions don’t usually present themselves. Stay abreast of what the competition is doing.

5. Assess product or service feasibility: An idea may seem excellent but to truly innovate in a meaningful way, ensure the idea is viable. Be assured of the feasibility of your new idea by doing market research. Evaluate the risks of the endeavour. The product or service launch should have more than reasonable justification.

6. Seek financial help: Innovation takes time, effort and most of all money. Make yourself aware of the different financial tools available which could be applied for to make funding the enterprise of innovation easier.

The late Steve Jobs had said, ‘Innovation distinguishes between a leader and a follower’. Be a leader - generate new value and reap the dividends.