How to grow and innovate to become a successful company, according to an expert

Innovation and growth are two of the most common problems modern businesses face.

Achieving just one can be hard, nailing both is a challenge, but not impossible.

Dr George Day is a professor at the Wharton School, and one of the world’s leading experts in marketing, strategy and innovation.

Day has done extensive research into innovation and business growth on over 192 top global companies, and found that only one in five are able to innovate to consistent growth.

Through his research he has also found that activities like hackathons are not effective, contrary to popular startup belief.

According to Day there are three common denominators that tie industry leading companies like Google and Lego together: Commitment to talent, an outside-in mindset, and encouraging risk-taking.

Here’s why.

1. Commitment to talent

Leadership commitment to talent development and retention is the single most significant differentiator of growth leaders, average performers and the laggards. Managers must match their innovation rhetoric with personal involvement, and make sustained investments in talent and transformative projects. Read more

Sarah Kimmorley - Business Insider Australia - 1 Sep 2017