Artid2008's Blog

The BBCs series 'Dragons Den' is all about innovation. We all recognise innovation when we see it: Microsoft, Virgin, Apple, Sir Alan Sugar, Sir Clive Sinclair, Dysons latest ball vacuum cleaner, Apples iPod, but why is this such a difficult area of business for companies around the world to deliver on?

Companies striving to become the most admired company in the world, seek it through great service and innovation. Large companies seek to launch new technology businesses that create markets and money. However, innovation is a difficult thing to do well. Their are pitfalls, which could lead to the most hated company.

The companies carbon footprint and how many trees it uses from the Amazon forest may be how the public perceive it. Operational efficiency and driving costs down can often create a brick wall for innovation.

For these reasons, companies are interested in finding out what separates the very best companies from the worst. Knowing what differentiates world-class companies from their peers really does matter: shareholder returns are drastically higher as well as self esteem.

Previous research themes have included strategy, public relations environmental stewardship and corporate culture.

So what is it that makes the world most admired company stand out from their competition, to win a place on the worlds most admired listing.

First, it is worth looking at what factors didnt differentiate the best from the rest. Perhaps unsurprisingly, there was no difference between the size, age or capital worth of companies. There is no apparent link, reward.

So what are the Findings identified three key differentiators:

1. Innovation within the corporate culture methodology and practice: organisational identity. The best innovators are much more innovative than their peer groups in using new computer based technologies or creative management to improve their internal effectiveness.

The pursuit of the worlds most admired company seems to start from within, and once in motion explodes a continuous exciting momentum. It releases and feeds innovation to the public: in markets, products and services. Managers and employees within the leading companies are actively encouraged to raise the bar by innovating in areas of current strength. They are made to feel part of a team. And more importantly that the customer is 'king', not an inconvenience.

Another significant finding is that the pace of internal innovation within the best companies is significantly higher than their peer group and that this pace is managed by a collective team effort.

Internal innovation or vision is the first shift: what becomes valued is the possibility of new ideas. A whole agenda of brainstorming ideas is allowed to flow through the company, without fear of ridicle. The story of the architect and owner of a large hotel discussing the ways and means of putting in an elevator, was over heared by a janitor, he said 'why not put the elevator on the outside' and thus the hotel became famous for having a elevator on the outside of the building.

2. Also it is not enough to have a vision for innovation there must be action, i.e. words and deeds. Innovation within the best companies is a goal orientated activity, with purpose and this comes down to visionary leadership.

The vision that can clearly identifies the areas in which the company will pursue new ideas and approaches. Then leaders build commitment to generating ideas and ensure action, not words. The saying of: 'what you do speaks so clearly that what you say i can't hear' explains why many conmpanies don,t reach the bar.

This action has been proven from research that providing direction and purpose, but also building shared interest across and within teams and coaching for innovation.

Leaders within the leading companies are acutely aware of the environment they must create to support innovation. They give individuals the authority to take risks, they minimise bureaucracy so that new ideas survive and purposely do not kill off innovation projects too soon.

They are patient about returns, they tolerate failure and they focus on the learning gained from innovation.

3. Lastly, the best companies dont just talk, they actually put the action in to achieve their goals. This is easy enough to say what is interesting is how these companies execute these goals.

Firstly, they have a clearly defined processes for managing investment with new innovations; second, they match decisions on new innovations with their capabilities to come up with the goodies; and third, they manage their staff so they feel part of the team.

Innovation leading companies have clear procedures for selecting the right ideas and for determining the level of investment in those ideas.

Whilst this focus on process is impressive, the leading companies have realised it is not enough. They have raised the expectation of their staff to innovate by encouraging them to change from managing risks to assessing risks and the likely business gain.

The emphasis is placed on transforming ideas into real commercial propositions. Significantly, the key decisions over innovation projects are made at the right level within the company.

To achieve this capability, the innovation leading companies recognise the importance of having the right talent in the organisation. What stands out from the research is that the best companies display high levels of self-awareness about the conditions in innovation-oriented work climates.

They manage their talent accordingly; recruiting, assessing and progressing individuals who have these key attributes; the ability to lead, to foster and maintain social networks, to be commercial, positive and possess the courage of conviction.

Innovation will continue to challenge businesses - there is no easy solution. This research, however, will help clients to zero in on the key factors for creating an innovation culture.

So if we the consumer had the vote who would we vote the the most admired company in the world.

Dr S seeks excellence and loves the word admired with the dog eats dog concept of modern day pressures the subject of how to become the most admired company in the world is fascinating.

L. Gordon Cravitz, publisher of the Wall Street Journal, wrote in a New Year's column (Wall Street Journal, Jan. 2, 2007) that this icon of business, markets and journalism had faced a dilemma. 'Do we preserve the icon as it has been, rejecting changes as too risky? Or do we try to add to the qualities that created the icon in the first place, taking care not to change simply for the sake of change?' They would adopt the latter approach defining and involving its readership in the evolving changes.

'It takes time and work for your mission and vision statements to become living expressions of the company's behavior,' says Don Midgett, author of Mission and Vision Statements: Your Path to a Successful Business Future. 'You must be willing to test your mission and vision statements for their timeliness and consistency of values. When working with colleagues, explain how you arrived at your vision, so they may understand the logic behind your statements and their role and place in the future. You may also include customers, suppliers etc.'

Businesses that review and update their statements from time to time remain energized and in the forefront of their marketplace. They avoid being outmoded, outdated and lacking vision in changes to their business environment. Your mission and vision statements focus your business in terms of direction, leadership, goal-setting and much more. 'Your statements should serve as the basis for your strategic plans and actions' concluded Midgett.

To learn more about effective Mission and Vision Statements and for a complete step-by-step guide to develop your mission statement and vision statement, go to www.missionvisionstatement.com and order Mission and Vision Statements: Your Path To A Successful Business Future. This e-book covers:

1. what you should know before creating your mission and vision

2. exercises to develop your mission statement and vision statement

3. how to test drive and live your mission and vision statements

Don Midgett, Author Mission and Vision Statements: Your Path to a Successful Business Future 81 pages, is available in digital format (pdf) at http://www.missionvisionstatement.com

Don Midgett is the managing partner for the GenesisGroup, helping organizations and leaders discover their full potential. Don specializes in workshops on mission and vision, strategic planning, and team building.

To begin your path to success, write your mission and vision statements! Need help? You can find it at http://www.missionvisionstatement.com - visit NOW - subscribe to our free newsletter, Mission Vision News, if you wish to learn more. Ready to go? Then purchase my e-book on mission and vision for one of the best business purchases you will make!

There are many grants that the government gives to its people. Some are given to an individuals, some to businesses and most often, grants are given to specific communities, in need of something special. Grants are given to communities that express a desire or need to make changes in their community. For example, eradicating a drug problem within the community. Other grants may be used to restore old buildings that have historic value.

The community grants have several goals, but the primary goal is to make a better life for all of the community. Grants that communities receive cover many different areas. They can receive grants in the form of business loans - to aid in attracting new business to the community. There are grants for youth programs, crime prevention and construction of low cost housing. There are also education related grants to aid in the education of the community's citizens.

Since government grants are given to communities and not individuals, you will have to submit your application to the group handling the grant they have received. Grants to start your own business, help you buy a house, or education grants, can all be applied for once you know what grants your community has received. The government gives these grants to non-profit companies or groups that are trying to change the community for the better.

Simply finding out where to visit to receive these grants is the first order of business.

There are an endless supply of websites and books that will try to tell you where to locate community grants. Although there are some good resources out there, one must be extremely cognizant of the entire process. Grants are not free money, you will have to work for it. Whether it be in the form of opening your own business or helping out a shelter for the homeless, it will not be free. You will be supplying the sweat equity in return for the money. There are many scams circulating on the internet, do not be a victim. Simply be sure to submit your application to one of the groups that has received the grant.

David Pierce is owner of Easy Grant Money A website aimed at educating those interested in obtaining grants.

If you have been in a college or university setting, chances are you have heard of a research grant. Research grants are given to those who have ideas or a desire to study something that the government has an interest in. Research takes an enormous amount of money, money that most individuals have. Research grants can help fullfil your dreams of getting published in journals or books in your field. There are many ways to research grants, you can start by applying for one or asking your college or university about what is available. You need to start by clarifying what you intend to study. The government is not in the habit of handing out money for no apparent reason. Conducting formal research and putting it on paper will aid in your acceptance. Having a hypothesis will also help. It is important that you lay the groundwork and put it on paper. The more information that the government has about what you want to do, the better the chances are that you will be approved.

Start to develop your ideas. Take your idea and use the 5 typical newspaper style questions: Who, what, when, why, where and how. Getting organized is the key for success. If you answer each of these questions while developing your ideas, chances of success increase dramatically. Put your ideas and concepts in step by step procedures. Ask for help from your peers, professors or mentors. It is important that you have an objective third party to oversee what you are planning on doing. Sometimes a third eye will steer you clear of potential mistakes and even possible opportunities.

Once you have your ideas developed and put onto paper, you will need to create a grant proposal. This will be an official document that you will submit to the government. A cover letter with a summary, objective, and the budget for your project will need to be included. You may also want to discuss any opportunities for further research on your area of study and the manner in which you will do your research.

Once you have completed the research and drafted your grant proposal, you may want to enlist the services of a professional grant writer. These writers will prove to be invaluable in your request for research monies. There are many companies that your college or university can put you into contact with. A simple visit to their office should do the trick. The key is to be confident about your proposal and your research, create a proper draft, and you should be on your way to obtaining your first research grant from the federal government.

David Pierce is owner of Easy Grant Money A website aimed at educating those interested in obtaining grants.