Creative Reaction

Australian online business magazine Smart Company has a great article on company-wide innovation, based on the research of RMIT University in Melbourne. The researchers studied 92 fast growing companies, finding 10 common characteristics which promote innovative business cultures.

The first finding: innovation starts with the leadership qualities of the CEOs or founders. “They were passionate about their work, had a positive and optimistic outlook, do not allow setbacks to hinder their drive and vision, are forward thinkers, determined, thrive on difference and change; surround themselves with like-minded individuals, concentrate on team culture, learn from their mistakes, and aim to resolve problems quickly.”

Not surprisingly, many of the other characteristics had to do with the work environments, made possible by savvy management; an emphasis on training and learning, collaboration, and open communication.

A few other things we’ve recently mentioned include investing in technology and recruiting (and rewarding) innovative people; it’s good to see some common themes here within Creative Reaction’s pages.

One characteristic I found interesting was making sure that vendors, suppliers, and even bankers understand the company’s vision, which makes sense as they all play supporting roles.

The article covers a lot of ground in four pages. Worth reading.