Fostering creativity and innovation for organizations in a turbulent environment for longterm survival

Abstract

Large and small companies are faced with a significant environmental complexity and turbulent business world. The world is changing at an unprecedented rate due to technological advances. For most businesses, the ability to monitor, identify, and master critical technological skills and technologies is important. In times of economic downturn, technology and innovation can be potent sources of growth as long as the investment and talent are there to drive them. Innovation, creativity and technology are enablers of business success and economic advancement. In this paper, the importance of Innovation, Creativity management and Technology Scouting for organizations in a turbulent environment is explored and it is shown that the winners will be those that react to the crisis by further embracing technology and innovation to find ways to become more productive and competitive. Also, it is explained that organizations must keep a keen focus on technological areas that could affect the business environment. Failing to do so can mean the death of an organization. As one of the biggest obstacles to fostering innovation and creativity is uptight and rigid people, the paper emphasizes on organizational openness to new ideas and concepts and discusses the ways to achieve this goal with a view to past experiments.