Last week Qmarkets’ Co-Founder & CEO Noam Danon joined Adi Mazor Kario on the Invincible Innovation Live podcast. Mazor Kario author of ‘Innovating Through Chaos’, has worked with organizations such as IBM, Intel, and Google, as well as hundreds of startups across Israel to help them create business growth through innovation. The podcast discusses all things innovation with a varity of prestigious experts and practitioners as guests, including Nike’s Innovation Director, David Reynolds, and the Creator of the iToday Innovation Summit, Steph Cruchon.
Leveraging his wealth of corporate innovation experience, Noam was invited to the podcast to discuss how organizations can achieve vast ROI from their innovation initiatives. Noam has seen first-hand how leading Fortune 500 businesses have utilized the Qmarkets’ innovation management platform to deliver results, and shared some fascinating insight into this process during the interview.
The discussion touched on a wide array of relevant topics and themes, including:
- Common obstacles to innovation and how to overcome them
- The effect that the COVID-19 Pandemic and Remote Working has had on innovation
- Ideation vs innovation and emerging crowdsourcing use-cases
One of the most common themes of discussion was creating a culture of innovation, and how critical this ingredient is when it comes to scaling your ROI. Noam expressed that “innovation is a state of mind and very much associated with a company’s culture”.
To create this state of mind, Noam shared that one of the most essential things an organization can do is understand that when starting an innovation initiative, it should not be siloed. He stated that, “innovation needs to cover all parts of the business and not just be dedicated to one area of an organization to have an impact”.
It is also vital that management encourage innovation by making it clear that it is a priority for the employees and to help facilitate this, innovative activity must be rewarded. Noam added, “this means you don’t only reward success, as this can become the first obstacle in achieving innovation, as value is expected immediately, which isn’t always the case”. Leaders must understand that failure is part of the process and allow employees to try different directions rather than ‘pigeonholing’ them.
Watch the full discussion on How to Achieve Vast ROI with Continuous Innovation
He also added that innovation management is vital to the process as, “innovation doesn’t just happen, it’s something that needs to be cultivated and built. The Qmarkets’ platform was created to allow businesses to scale innovation by reaching out to all their different stakeholders, employees, customers, and partners – their entire eco-system, and really manage the process end-to-end, with large scale online brainstorming and idea challenges”.
Noam’s number one tip for leaders who want to learn how to achieve innovation, is “start small, take one business unit and a specific challenge and choose quick wins so that you convince your organization that this is a step in a right direction. Also remember that breakthrough innovation is rare, but small, continuous improvements can really change a business!”
If you’d like to learn more on how to achieve innovation with the Qmarkets’ platform, contact us today.