Collaboration Innovation Part 3: The essence of innovation.

The third in a series of Collaborative Innovation posts that capture insight from experts across various industries, today we are sharing insight from Robert Wolcott, co-founder of the Kellogg Innovation Network and professor of Entrepreneurship & Innovation at the Kellogg School of Management, Northwestern University.

Robert Wolcott knows a thing or two about innovation. With over two decades of experience with countless businesses – from start-ups to established financial industry leaders, he knows first-hand the importance of innovation.

In this presentation, Dr. Wolcott refers to innovation as “ships launched to seek the future” and discover what other business objectives could be out there. This approach can help shift and reinvent your business, so that it stays relevant year after year, consumer shift after consumer shift.

“Just doing better at what we currently do, won’t be enough,” says Wolcott. “It is possible for established enterprises to make the transition and build the future and remain relevant.”

Dr. Wolcott continues to discuss how with the surge of smaller start-ups some analysts predict the end for older, larger companies — something Wolcott strongly disagrees with.

And while there are “significant innovations coming out of established organizations,” Wolcott suggests establishing collaborative partnerships to create the largest impact in your industry.

Watch Dr. Wolcott share his knowledge surrounding innovation, the importance of collaboration and his advice on how to create an environment where ideas are celebrated and innovators can thrive.

Click here to view the entire Collaborative Innovation series of videos.