Key Skills for Business Innovation
A guide for aspiring innovators
Introduction
Business innovation is the process of creating new value for customers, stakeholders, and society by developing novel solutions to existing or emerging problems or needs. Innovation can take many forms, such as new products, services, processes, business models, or social initiatives. Innovation is essential for businesses to survive and thrive in a competitive and dynamic environment, as it can help them gain a competitive edge, increase customer satisfaction, reduce costs, improve efficiency, and create positive social impact.
However, innovation is not easy. It requires a combination of skills, knowledge, attitudes, and behaviours that enable individuals and teams to identify opportunities, generate ideas, test and refine solutions, and implement and scale them effectively. These skills are not innate, but can be learned and developed through education, training, and practice. In the brief commentary below, I set out some of the key skills required for business innovation and how to acquire and improve them.
Key Skills for Business Innovation
There is no definitive list of skills for business innovation, as different types of innovation may require different sets of skills. However, based on the literature and best practices, we can identify some of the common and essential skills that can help innovators succeed in any context.
These skills can be grouped into four categories: creative, analytical, interpersonal, and managerial.
1. Creative skills:
These are the skills that enable innovators to generate novel and useful ideas, and to express them effectively. Some of the creative skills needed for effective business innovation are:
• Creativity: The ability to produce original and valuable ideas that address a problem or need.
• Divergent thinking: The ability to explore multiple possible solutions and perspectives without being constrained by conventional or existing assumptions.
• Convergent thinking: The ability to evaluate and select the most promising ideas and to synthesise them into a coherent and feasible solution.
• Design thinking: The ability to apply a human-centred and iterative approach to problem-solving, involving empathy, ideation, prototyping, and testing.
• Communication: The ability to articulate and present ideas clearly and persuasively, using appropriate verbal, visual, and digital tools.
2. Analytical skills
These are the skills that enable innovators to understand the problem, the context, and the impact of the solution. Some of the analytical skills needed for effective business innovation are:
• Critical thinking: The ability to analyse and evaluate information and arguments logically and objectively, and to identify and challenge assumptions, biases, and fallacies.
• Research: The ability to collect, organise, and interpret relevant data and evidence from various sources, using appropriate methods and tools.
• Experimentation: The ability to design and conduct experiments to test and validate hypotheses and assumptions, and to measure and analyse the results.
• Learning: The ability to acquire and apply new knowledge and skills, and to learn from feedback and failure.
• Adaptability: The ability to adjust and modify ideas and solutions in response to changing conditions and requirements.
3. Interpersonal skills
These are the skills that enable innovators to collaborate and cooperate with others, and to understand and influence their needs and expectations. Some of the interpersonal skills needed for effective business innovation are:
• Teamwork: The ability to work effectively and constructively with others, and to share and integrate diverse ideas, skills, and perspectives.
• Leadership: The ability to inspire and motivate others, and to guide and support them towards a common goal.
• Negotiation: The ability to reach mutually beneficial agreements and solutions with different stakeholders, and to manage and resolve conflicts.
• Networking: The ability to build and maintain relationships with relevant and diverse people and organisations, and to leverage them for information, support, and opportunities.
• Empathy: The ability to understand and appreciate the feelings, thoughts, and experiences of others, and to respond appropriately and respectfully.
4. Managerial skills
These are the skills that enable innovators to plan and execute the innovation process, and to ensure its sustainability and scalability. Some of the key managerial skills needed for effective business innovation are:
• Project management: The ability to define and organise the scope, objectives, tasks, resources, and timeline of the innovation project, and to monitor and control its progress and quality.
• Risk management: The ability to identify and assess the potential risks and uncertainties associated with the innovation project, and to mitigate and manage them effectively.
• Financial management: The ability to estimate and secure the required funding and budget for the innovation project, and to manage and report its financial performance and outcomes.
• Strategic management: The ability to align the innovation project with the vision, mission, and goals of the organisation, and to evaluate and improve its strategic fit and value.
• Change management: The ability to facilitate and manage the adoption and diffusion of the innovation within and outside the organisation, and to overcome the barriers and resistance to change.
How to acquire and improve the skills you need for effective Business Innovation
The key skills for business innovation are not fixed or static, but can be developed and enhanced through various means and methods. Some of the ways to acquire and improve these skills are:
• Education: Formal education can provide a foundation and framework for learning and developing the key skills for business innovation, through relevant courses, programmes, and qualifications.
• Training: Training can offer specific and practical guidance and instruction for acquiring and improving the key skills for business innovation, through workshops, seminars, webinars, and online courses.
• Practice: Practice can help to apply and refine the key skills for business innovation, through real-world projects, challenges, competitions, and simulations.
• Mentoring: Mentoring can provide personalised and tailored feedback and support for enhancing the key skills for business innovation, through experienced and knowledgeable mentors, coaches, and advisors.
• Networking: Networking can help to learn and exchange the key skills for business innovation, through peers, colleagues, experts, and partners.
• Self-learning: Self-learning can enable to explore and expand the key skills for business innovation, through books, articles, podcasts, videos, and other resources.
Conclusion
Business innovation is a vital and valuable skill for individuals and organisations in the 21st century.
It requires a combination of creative, analytical, interpersonal, and managerial skills that can help to identify and solve problems, create and deliver value, and achieve and sustain success. These skills are not innate, but can be learned and developed through various means and methods. By acquiring and improving the key skills for business innovation, you will be able to become a more effective and efficient innovator, and contribute to the economic and social progress of Malta and the wider World.
Chris Haslam
24th June 2024
Author Bio
Chris has a BSc degree in from the University of Newcastle, a doctorate in climate modelling from the University of Southampton, an MBA from the Open University and a Professorship from the University of Chester.
Following a period working in industry where he held various appointments including Deputy Director of Environmental Management, Deputy Head of Corporate Relations, and then successively the Deputy Chairman’s and Chairman’s Personal Private Manager, Chris had spells in various UK universities.
Chris was then appointed Deputy Director at the UK Government’s Quality Assurance Agency for Higher Education. In addition to institutional auditing duties, between 1998 and 2006 Chris had responsibility for managing the Agency’s extensive work for the UK Government relating to the grant of degree-awarding powers, university title and higher education institution designation. In this capacity, Chris drafted both the 1998 and 2004 UK Government criteria governing the grant of degree-awarding powers and university title and oversaw the provision of advice to Government Ministers. In this capacity, he was appointed as a specialist advisor to the New Zealand Government in relation to the development of the country’s higher education sector.
Between 2006 and 2020, Chris worked at the University of Chester where he was successively Senior Pro-Vice-Chancellor and DVC and had responsibility for business planning and performance management, managing the University’s seven academic faculties, student support and guidance services, careers and employability service, institutional quality and standards assurance, and UK and international student Marketing, Recruitment and Admissions. He also acted as the Executive Dean of the University’s Faculty of Medicine and Life Sciences with oversight of the Departments of Sports and Exercise Sciences, Biological Sciences, Clinical Sciences and Nutrition, a Food Sciences research centre, and the School of Medicine. He was also the Provost for the University’s second Campus.
Whilst at Chester, Chris was Chairman of the UK’s North West Universities Collaboration Unit, a member of the Governing bodies at University College Isle of Man, West Cheshire College and Vale Royal College and also acted as an external adviser on the Maltese Government’s Quality and Standards Assurance Committee.
Chris is currently Academic Dean at GCM and is also a Governor at a UK university and on the Board of a UK charity.
DR. Prashant K Mishra has been the Chief Operating Officer of Study World Global College Malta since April 2022. With PhD in marketing and double Master’s (MBA & MA in English), Dr. Prashant also did one year of PGC in HR & Marketing from IIT Bombay.
Dr. Mishra has occupied various managerial positions in Education Institutions in Dubai & India. He started his career in Marketing and moved on to higher leadership positions, thanks to his academic qualifications, work experience, and charismatic approach.
Dr. Prashant Mishra is the driver behind the college’s expansion from 150 students to 700+ students in less than two years. His relentless push is helping the Global College College to reshape the way it provides education and to create a truly international student experience.
By Dr Prashant K Mishra
