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Innovation needs more than just money

Innovation should be a core activity spanning an organisation rather than the activity of a single department or group and, to make it work, think beyond money, says Stelios Kavadias, Margaret Thatcher Professor of Enterprise Studies in Innovation & Growth.

His five-day programme, ‘Making Your Organisation Innovative’, will stress the need to create a core innovation activity as opposed to a solo process.

Professor Kavadias says the appeal of the programme should extend beyond senior managers and leaders committed to technology and engineering. He feels innovation activity is about more than new products and technologies. It is also about business models, production, supply-chain and delivery.

To make innovation work, particularly in a large organisation, one needs to think beyond money. We need to think about the process that we put in place. We need to think abut the processes that bring people together to work effectively together towards a common objective.

We need to think about the guiding principles for what the right projects to work should be and, in the end, we need to think about the culture in general that we are creating in an organisation regarding innovation.