There are specific ways to tell if a company is truly innovative, according to these members of the Young Entrepreneur Council (YEC). The Huffington Post shared 13 ways these members defined a truly innovative company.
Among them was Murray Newlands, Due’s former President, who noted that an innovative company achieves the impossible. As he stated, “It’s when doubt turns to success that something becomes truly innovative. Taking impossibility out of the equation means you are solving a long-standing problem, which will get your target audience truly excited.”
Other YEC members said it fills in blanks, adapts to a rapidly changing market, creates a new business model, shows a willingness to cannibalize itself, turns weaknesses into strengths, addresses a pain point, moves ahead of the curve, perfects old ideas, has a vibrant company culture, has a structure and budget that defies the odds and is a company that people will miss if it was gone.
You can read the original Criteria for an Innovative Company article here.
Innovative companies also more than likely do not forget how to have fun. It’s an important component that should be in your business and culture. Here’s an article that reminds you how to have fund with your business.
