At the Summit global players such as Odebrecht from Brazil, FIAT of Italy, and North America’s Bechtel Group shared how their values and culture supported innovation. By embedding progressive employment practices that embrace change and continuous improvement these organisations have risen towards the top of their respective sectors. In the case of smaller family firms focused on niche markets the same rings true. The owners generally set the lead, seeing their primary role as recruiting a team of highly motivated and skilled entrepreneurs and managers. Some of the best exemplars included Radio Flyer, a Chicago based third generation toy company who have won numerous awards for their achievements, creating a culture of innovation among their 110 employees. Revenues here have leapt four-fold since the current generation took over leadership. From Spain, Leche Pascual stands out for the transformation of their corporate culture since the third generation took the helm, embedding a systemic approach to innovation within the organisation. This has lead to 50% of their EUR 900M turnover being generated from new products that did not exist a generation ago.
The key learning’s on innovation from the FBN Chicago Summit include:
• Start with the company’s values; ensure they support innovation and change
• Ensure the board is committed to embedding a culture of innovation through choosing leaders who will help drive change
• Develop employee practices that reward entrepreneurship and innovation at all levels
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