Innovation is the bedrock of business growth. The Department for Business, Innovation & Skills’ UK Innovation Survey 2013 reported that, although innovation is increasing in larger companies as the economy grows, 50% of them are identified as ‘innovation inactive’. This is a real concern as, fundamentally, innovation is about maximising the value in, and of, the organisation.
In a faster-moving digital age, success is no longer reliant on having a great idea and bringing it to market. Businesses that really want to succeed need to adopt a creative entrepreneurship mindset and embed it across all their business practices. So what exactly is creative entrepreneurship and how can HR teams foster it within an organisation? It’s all about thinking smartly, making and using connections effectively (worryingly, significant numbers of businesses are unable to determine the value many business partnerships bring) and maximising expertise and research insights. It’s about accessing funding creatively and allowing opportunities to be fully capitalised through new digital, creative and social media to reduce marketing costs. And importantly, forward-thinking companies can engage more cost-efficient talent than their competitors through developing multi-level partnerships with universities and business schools – a hotbed for the digital natives with research evidence and knowledge to share.
Creative entrepreneurship is an approach that is being increasingly embraced by SMEs eager to tackle (cost-effectively) the many challenges they face in growing their businesses post downturn, but what can larger companies take from it?