We have all heard the saying "A fish rots from the head down," right? Not that I am comparing my CEO friends to fish, but it does drive the point home that creating a culture of innovation starts with you as the leader of the organization.
Peter Drucker, one of the fathers of modern business theory, said if an established organization is not able to innovate, it faces decline and extinction. I could not agree with him more, for in all of my years helping companies, I have witnessed far too many that wait until they are in decline or experiencing shrinking markets, stale product offerings or products that are being commoditized to begin innovating. They usually do not have the resources once in decline to be successful, which is why it is important to build a culture of innovation while your business is strong and healthy.