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Best Practice for Asian Innovation Policies

Best Practice for Asian Innovation Policies

 

Asian countries seeking to improve their innovation policies and processes often look to the West for successful models.  But in recent years, Asian business leaders have realized that attempts to replicate the American standards will result in limitations because of the differences in economy, development, and growth models.  Innovation policies must consider the unique culture and situation of Asia to be implanted effectively.

 

Building a Pipeline of Leaders

 

Perhaps the number one best practice to innovation is ensuring that your company and industry is making investments to build a pipeline of leaders.  Without future leaders an industry cannot sustain itself.  Working to establish benefits that are attractive to recent graduates and ex-pats is the basis of a best practice model.  Further, investments the local educational systems can also help businesses establish themselves as an attractive employer to future graduates.  Carving out resources to recruit, select, and retain those who show great promise as innovative leaders while focusing on investing into the growth of current employees, is the best way to build a company of leaders.

 

Focus on Regional and Local Businesses

 

Cooperating with regional neighbors to expand growth can create a larger market with more opportunities for success.  Recently, attention has been paid to Taiwan and Honk Kong.  As Taiwan is well known for its high quality produced agricultural products and Hong Kong does not have an agricultural market, these cities have come together to sell what the other needs.  Cooperation breeds success and in most of these cases, the social benefits to the region’s population far outweigh the risks of combining markets.  An innovative product created in one region but not marketable, has the opportunity to do extremely well in another market, where the demand is higher.

 

Create a Safe Place for Innovation

 

It’s easy to say that your business model is based on a concept of open innovation but creating a safe place for innovation is harder than you might think.  Make sure that your managers and business leaders are on board by encouraging employees to come forward with innovative ideas and ensure that they feel comfortable taking calculated risks.  Big-box store leader, Walmart, has created a group called Walmart Labs to provide a supportive space where team members can test new ideas.  Encouraging this type of progress

 

Another creative practice for welcoming innovation is training employees to work in different functional areas.  For examples, FedEx makes it a priority to shift their managers around to gain experience in different sections.  By recognizing that diversity is important, FedEx has improved their overall sustainability and adaptability.  Giving employees the potential to show their interest in other areas will also give you an edge when finding talent.  In fact, businesses who encourage innovation are often able to attract talent without relying on bonuses or salary as a leveraging benefit.

 

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