Notice of RetractionHow to be an Innovative Organization - Developing a Culture of Innovation in Organizations

Abstract

Innovation & creativity are the valuable intangible assets which play a vital role in the transformation of business & society. The emergence of globalization & increasing competition created a threat for the organizations to survive in market and innovation & differentiation became necessity to sustain economic development and competitiveness. Recessions and times of uncertainty present unusual opportunities. In these times, companies need to seize new opportunities not by retrenching, but by rebalancing: focusing on the right innovation projects and then executing those innovations more efficiently, effectively and creatively. Therefore every organisation wants to be more and more innovative. Innovation comes in many forms like product innovation, process innovation, service innovation, business model innovation etc but it is not so easy to become innovative. Many barriers exist in the way of innovation and one of the biggest & powerful hurdles to becoming more innovative is changing the corporate culture to accept and embrace innovation. The prevailing age of cost cutting and focus on process excellence have created in many firms a culture that is focused on the risk avoidance & operational excellence. For including innovation in the culture & to see innovation as one of the corporate objectives, it is required that the culture must change to accommodate the risk of failure and uncertainty along with the focus on innovation. This paper takes a brief look on the dimension of innovation and different forces & strategies that can help in shaping the culture to drive innovation. The focus is on the idea that how the people of an organisation may become more innovative.