3 Pillars of Innovation

The innovation economy—fueled by ever changing institutions, technology and entrepreneurs—sits at the center of economic growth. There are three key pillars to sustain this innovation economy according to Faisal Hoque, CEO at BTM Corporation.

Hoque says the following concepts are necessary for innovators and businesses to validate innovation and reach their full potential. Whether you are starting your own business or working for an established one, rethinking your approach to innovation could have a big, and lasting impact.

Below are Faisal Hoque’s Top 3 Pillars for Social Innovation:

1. A Leader’s Emotional Intelligence

According to the Carnegie Institute of Technology, 85% of financial success is credited to skills in “human engineering,” such as personality and one’s ability to communicate, negotiate, and lead. Successful communicating leads to successful innovation.

2. Cultivating A Cross-Collaborative Culture

Leaders with forethought can organize analytical and creative talent in a way that is collaborative and cross-functional, and forms teams to capitalize on these interactions.

3. Establishing Repeatable Processes
Sustained innovation can be ensured through organization and creating a set of processes to identify growth opportunities and enhance future options.

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Photo via Mark Notari