, according to Forbes. Overtaken by more agile competitors, the company filed for bankruptcy in 2010 and today operates only one store. If Blockbuster had embraced an innovation-oriented culture, it might have maintained its dominant market position.
To stay ahead, strong organizations embody an innovation culture. Companies with an innovation culture are twice as likely to experience double-digit growth, according to a. In this report, 86% of employees at innovative organizations said they planned to stay in their jobs, as opposed to 57% of those from less innovative cultures.
Innovative leaders embrace the notion that if you never fail, you’re not trying hard enough. Perfection can impede progress, so encourage constant challenging, rethinking, testing, and iterating.founder Steve Kaufer calls himself the “accidental tourist” because he stumbled onto a wildly successful business model.
To incorporate an innovation culture, management needs to lead by example and trust employees to make it a habit to refine or replace existing tools and tactics. Creative thinkers and innovators should be celebrated and rewarded for surfacing new ideas.