Emergence-Growth-Decay-Death

Focus on innovation, may rescue an organization in the declining phase of the organizational life cycle. Re-innovation or renovation becomes important when an old, traditional company goes into decline. The first phase is often entrepreneurial and innovative with a sudden burst of energy capturing a new space in the market. This creative phase is terminated in a leadership crisis. It was Schumpeter who said, “It is rare for anyone always to remain an entrepreneur throughout the decades of his active life.” This cycle progresses from entrepreneurship to an organization that becomes slow and complacent.

Key Elements in an Innovation Initiative

1. Stimulating Identifying people to be included in innovation initiative Help in selecting projects for creative problem solving Making available teams to work on projects 2. Nurturing Officially recognize the teams and scope of activity. Schedule presentation to top management Provide a budget, Organize Innovation symposiums. Provide space and time for innovation spirals to meet 3. Sustaining Start a MINDSPOWER club to meet once a month. Give innovation awards Celebrate good ideas. Prepare reports and publish success stories Use the innovation club for self development 4. Reinstating Communicate results of Innovation Initiative Have annual awards for Best Teams