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A cut above: these are the three attributes setting truly innovative companies apart
 

There are many attributes that set apart famously innovative companies like Apple, Google, and Amazon. Such organisations often spend a lot of time on their specific corporate culture; they set challenging goals for growth and innovation; they recruit with creativity as a lead characteristic to find. Here are three other attributes that help put innovative companies ahead of the competition.

 

Market Understanding

 

The new product launch of an innovative company can often appear to have impressively and astoundingly hit the exact demands and requirements of the market. In truth, there is no magic to this: innovative companies owe much of their success to simply committing more time and effort to properly understanding the market they are working in. You can see this most clearly by thinking of the failures – the Betamax format or the Microsoft Zune, for example. Such products often don’t lack for innovation, but are regarded as failures because they didn’t find a market for their cleverness.

 

Failure is embraced

 

Innovative companies are ready to accept failure as part of the cost of creativity. While not exactly celebrating its existence, an innovative company will view a failed project as a learning opportunity that can provide real lessons for their next approach. Employees will also be allowed the autonomy to make these mistakes, but will do so in an environment that does not appear punishing when things don’t go to plan. After all, most innovation springs from the ashes of a chain of failed attempts, so a company needs to be patient and open with this process to ensure innovation can actually thrive.

 

Drive

 

The other side of embracing failure is the drive to succeed. For example, a resounding impression of the launch of the original iPod or the introduction of the Ford Model T, is the complete belief of their creators in their eventual success. In a sense, Mr Jobs and Mr Ford appear to have told the market that ‘this is what you want’ and the market responded by saying ‘yes please’. Innovative companies will ultimately combine market understanding and a culture accepting of failure, and then drive through development with confidence in their ultimate success.

 
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