How can organizations become leading innovators?

McKinsey & Company looked into what makes a business/organization truly innovative and found eight critical elements:

1️⃣ Aspire: Do you regard innovation-led growth as critical, and have you put in place cascaded targets that reflect this?

2️⃣ Choose: Do you invest in a coherent, time- and risk-balanced portfolio of initiatives, and do you devote sufficient resources to it?

3️⃣ Discover: Are your business, market, and technology R&D efforts actionable and capable of being translated into winning value propositions

4️⃣ Evolve: Do you create new business models that provide defensible, robust, and scalable profit sources?

5️⃣ Accelerate: Do you develop and launch innovations quickly and effectively?

6️⃣ Scale: Do you launch innovations at the right scale in the relevant markets and segments?

7️⃣ Extend: Do you create and capitalize on external networks?

8️⃣ Mobilize: Are your people motivated, rewarded, and organized to innovate repeatedly?

In this week’s edition of In the Loop, we’re featuring innovation hubs and leaders across the world in areas such as aviation, education, and business services.

THIS WEEK’S STORIES

🇺🇸 Why are multinationals betting on the Arkansas Aeroplex?

🇰🇭 NUM’s Cyber University: Education of the future

🇸🇬 Singapore International Chamber of Commerce: Advocating for business since 1837

AVIATION
Why are multinationals betting on the Arkansas Aeroplex?

 
🇺🇸 ARKANSAS, USA — Located in the heart of the United States in Northeast Arkansas, the Arkansas Aeroplex is committed to fostering growth and innovation in the aviation sector, providing a platform for businesses to expand and excel.

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Editor’s note: Sponsored content

EDUCATION
NUM’s Cyber University: Education of the future

🇰🇭 PHNOM PENH, CAMBODIA — In a bid to align with Cambodia’s 2030 and 2050 development policy visions, the National University of Management (NUM) stands as the pioneering university to establish the Faculty of Digital Economy. This faculty currently offers three major fields of study Digital Economy, Financial Technology, Smart City Planning and Management and Computer Science.

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Editor’s note: Sponsored content

BUSINESS SERVICES
Singapore International Chamber of Commerce: Advocating for business since 1837

🇸🇬 SINGAPORE, SINGAPORE — As Singapore continues to lead the Southeast Asia, East Asia, and Oceania (SEAO) regions in the Global Innovation Index, the Singapore International Chamber of Commerce (SICC) is on a mission to maintain the country’s position as an innovation leader by working closely with both the nation’s private sector leaders and government agencies to organize events and programs aimed at helping businesses transform and achieve greater productivity.

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MORE FROM GMI POST
U.S. Midwest business report 2024: It’s more than just business

Japan, with around 1,500 companies that have generated more than 150,000 jobs in the region, plays an integral part in the economy of the U.S. Midwest, widely known as the industrial heartland.

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