An independent study confirms that Silicon Valley companies are some of the most innovative in the world. Over half of Silicon Valley companies strongly align their innovation strategies with their business strategies, compared to just 14% of other companies surveyed. “In the Bay Area, 90 percent say they have a clear innovation strategy that is strongly supported by their executive leaders.” The source of their innovative success stems from their culture of research, talent, investment and openness to new ideas. Luckily, that culture can be emulated.
What’s the Big Idea?
The pillars of an innovative corporate culture are (1) anticipating customer needs by observing what product will give them a better experience; (2) having technical leaders report directly to the CEO, creating a more streamlined vision between specialists and company leaders; (3) having a top-down innovation strategy to ensure that innovation and business go hand-in-hand; (4) constantly refresh your development staff to get new ideas and do not be afraid of having high turnover. Silicon Valley companies emphasize this last point twice as often as other companies do.