BusinessDay
NigeriaDecides2023

How to build a culture of innovation and win-London Business School Professor

World-renowned London Business School Professor Randall Peterson shares insights into why building and leading a culture of innovation is needed to succeed in this interview. He also explains why executives should attend TEXEM UK’s forthcoming programme on ‘Leading And Building A Culture Of Innovation For Sustainable Success’. He and eminent Oxford-trained Professor Roger Delves would help deliver this TEXEM executive development programme slated to hold virtually between March 23 and 24.

How can leaders build a culture of innovation?
To build a culture of innovation, you need to hire and retain the best-this could be those working full or part-time who are comfortable with ambiguity. The most important part of having a culture of innovation is to focus your people on learning and performance, as this will encourage employees to look up, look around, and look out for the company.

That way, when something new comes along your people, instead of saying ‘not my job’ they say ‘perhaps we should take a look at this.’ Also, leaders need to foster and nurture a climate that encourages experimentation and collaboration across the organisation (irrespective of age, position, gender or technical know-how).

To build a culture of innovation, leaders should inspire their team to consistently challenge assumptions, especially around business as usual practices. In addition, building a culture of innovation requires a leader with an excellent emotional quotient to stimulate; agility and encourage adaptation.

People then have it in their DNA the capability to turn challenges into vitamins-For example, people who will ask themselves how my organisation can still thrive even though the power grid has collapsed and the price of diesel has tripled. Finally, leaders should inspire the building of creative and collaborative ecosystems and spur team cohesion to build a culture of innovation and win.

Why is innovation particularly important in turbulent times?
Innovation matters more than ever in turbulent times because we have to continuously change the way we work to adapt to the turbulence. The more alternatives we have when unexpected events hit, the more likely it is that one of these innovations fits our new (ever-changing) situation. Most world-changing innovations that happened in the background became essential only when events turned in their direction – like mRNA vaccine technology and antiviral medications, etc.

How could leaders shape culture?
Leaders shape the culture every single day in how they respond to others, particularly people raising legitimate but challenging points. Other employees respond to how you treat that person, NOT what you say you will do. Promises of openness are meaningless in the face of any other employee being pushed aside, ignored, etc.

How could leaders keep their team motivated in challenging times?
Communication, communication, communication. Where are we going, and what is THEIR role in helping us get there? Attend this forthcoming TEXEM programme as we will cover this in more detail.

Why should leaders attend this forthcoming TEXEM programme Building and Leading a Culture of Innovation?
The TEXEM Leading and building a culture of innovation is a programme that you cannot afford to miss, as you will learn from experts as well as peers, challenge assumptions and glean actionable insights for success that endures. Benefit from the engaging and rigorous Texem methodology, and enhance your social capital via networking. For more information, please visit https://texem.co.uk/leading-and-building-culture-of-innovation-for-sustainable-success/ Call +44 7425 883791 or email exec@texem.co.uk

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