As innovations in different spheres become major sources of profit and competitive advantage, it is natural that many businesses and regions are wondering what they can do to foster innovation that can give them an edge over others. In other words, business, regions, and countries are looking means to promote the emergence of innovative environments that would serve as fertile soil and lucrative habitat for different kinds of innovation. While the existing innovative environments are characterized by a unique combination of various factors and circumstances that have made these innovative environments possible, there are also a few crucial components that serve as the cornerstones of innovative environments both on the levels of regions and businesses.
From the perspective of a region or a country that looks to foster innovative environments, doing so boils down to creating a proper institutional infrastructure and proximity between highly skilled and highly knowledgeable professionals from different spheres. This includes the creation of conditions that favor entrepreneurs to encourage people to start their businesses there. Further, creating a strong educational system is important for attracting knowledge-oriented people and to create a sufficient supply of seasoned professionals. Further, the local government should ensure the interconnections of different flows to ensure that people from different spheres have incentives and opportunities to communicate and cooperate (Mitra, 2017).
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Creating an innovative environment in a specific company also requires creating the environment where different people are encouraged to communicate and cooperate as innovative ideas often spark when two different ideas meet. Further, it helps to adopt horizontal communication structure as it helps to create a corporate culture where everyone embraces ownership approach and is ready to take responsibility that exceeds their job description. Lastly, companies should seek to create a culture that does not punish failure but instead encourages employees to be open and to actively experiment with their ideas (Hoque, 2014).
- Hoque, F. (2014, June 4). How to Create a Culture of Innovation. Retrieved from https://www.fastcompany.com/3031092/how-to-create-a-culture-of-innovation-in-the-workplace.
- Mitra, J. (2017) The Business of Innovation. Sage.
