Late last week, I had the pleasure of attending the Innovation and Investment Summit, part of the Queensland Government’s Advance Queensland Initiative.

Throughout the summit, some of the world’s best visionaries in technology and innovation came together to share their insights and empower delegates to harness innovation.

Each of the visionaries I had the pleasure in listening to, had their own spin on what innovation is. However the key underlying message? EVERYONE – ANYONE – can innovate.

Being innovative however, does not simply mean inventing. Innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services.

So what does this mean for retailers?

No longer are we B2B and/or B2C, we are fundamentally due to the nature of our industry C2B. You are injudicious if you think otherwise. If your product and/or service do not meet the needs or desires of the modern day consumer you are in trouble.

It is however through the incorporation of innovation into your business that can help you save time and money and give you the competitive advantage to grow and adapt your business in the marketplace.

So how do you get started? Well, I ask you this.

Do you have a business culture for innovation?

To help you on your way, here are some top 5 tips:

1. Develop an internal culture of innovation. Innovation requires strong leadership led from the top and thrives in a culture that is not afraid of taking risks and experimenting and is adaptable.
2. Be flexible and open to new ideas across all areas and levels of the business.
3. Allocate resources for innovation. Too often business expenditure on innovation is characterised as expenditure rather than investment. So invest in innovation by allocating the appropriate resources including finance and personnel.
4. Invest in research and development. Look at what grants, tax concessions and other funding programs are available to assist you in this space.
5. Attend events, training and networking opportunities to learn more about innovation.

Jessie Janson, Marketing Manager