Contrary to popular advice, creating an innovation culture is not about just encouraging idea-sharing, open communication, and enthusiasm around innovation. Yes, all of the above are necessary but not enough. To be truly innovative a company must give employees actual tools to innovate and tangible incentives. 

Several years back, I was part of a so-called ‘innovation’ workshop for top executives in my company. We brainstormed for two hours, jotting down flashy ideas on little yellow notes decorated with light bulbs. Once we were done, the notes were collected, and that was it – they vanished into thin air. It ended up being nothing more than an expensive diversion for high-paid executives, effectively wasting company resources.True innovation isn’t about idea generation; it’s about transforming these ideas into profitable or revenue-boosting strategies. That workshop failed because there was zero follow-up. Potentially groundbreaking ideas were ignored, with no effort made to convert them into tangible business impacts.

When I facilitate innovation workshops, I focus on ways to grow the company’s revenue or profit, or preferably, both. Here are some strategies I discuss:

1. Establish a Structured Innovation Process: Ideas should enter a funnel and progress by meeting specific revenue/profit goals and implementation criteria.
2. Align with Organizational Vision and Values: Ensure innovation strategy is consistent with the company’s vision and either fit with current competencies or future market needs.
3. Set Clear Expected Outcomes: Define what innovation success looks like 
4. Incentivize Idea Submission: Recognize and reward contributors to encourage participation.
5. Budget Allocation for Successful Ideas: Include financial stakeholders like finance, products, and operations in the decision-making process for funding successful ideas.
6. Encourage Active Idea Generation: Organize hackathons, contests, and similar events to generate ideas.
7. Integrate Innovation into Organizational and Personal Goals: Make innovation a part of the company’s objectives and individual performance metrics.

Real innovation is a multifaceted journey, not a destination. It’s about nurturing a culture where ideas are not just born but are brought to life through a well-structured, strategic process. Companies must step beyond the realm of idea generation and enter the arena of actionable innovation, where ideas are not just applauded but executed. This involves a commitment to providing resources, aligning with company goals, and rewarding those who contribute. By doing so, businesses can transform from places where innovation is just a buzzword to vibrant hubs of tangible, impactful change