What is innovation and how can businesses foster it?

In order to stay competitive in a market, innovation is key. Innovation can touch everything from business processes to products. In this article The Telegraph explains why innovation is often confused with ideation, and how businesses can successfully innovate.

Innovation, according to the article, is creating value from ideas, not just coming up with ideas as ideation would suggest. To properly innovate, a business needs a roadmap for creating value out of ideas and a creative atmosphere for sharing ideas. They also need to collaborate with people inside and outside their organisation, listen to their consumers and have time to reflect and improve their approach. Overall, businesses can always learn how to innovate, but they must realise their mistakes and improve on them.

For more information on the “roadmap for innovation”, read The Telegraph’s article here.