Currently the CEO of Synergy Life Science, Chris has 25 years of experience creating, distributing and supplying quality ingredients.
Innovation is the key to a business’s continued success, and when it comes to science-based industries experiencing rapid growth (like the rise in the cannabis market) innovation is even more critical.
As a longtime leader in the ingredients industry and the head of a cannabinoid ingredient company, I have prioritized innovation in each project I have led. Today, I will share my top four tips to foster and encourage innovation in your business.
1. Formulate An Effective Innovation Process That Fosters Collaboration
Innovation and creativity go hand in hand, and a clear protocol can allow employees to easily and effectively participate in the innovation process. This process will vary from company to company based on several variables. However, there are several guiding questions that you can ask to formulate and solidify an effective methodology.
What does innovation look like in your field or industry? What does it look like in your company? What does it look like within your team? Narrowing in this way can allow you to begin innovating on every level, bringing fresh ideas to every part of your company. For example, my current enterprise creates cannabinoid-led solutions in the health, wellness, cosmetic and beverage spaces. The intersection of ingredients innovation and cannabis is where we find our drive.
Next, determine the process for elevating an innovative idea up the chain of command. This is especially important in fields like the ingredients industry, where we must rigorously test new ideas for efficacy and safety.
As steps in your innovation process, your company could host regular meetings dedicated to discussing these ideas as a team, or you could have a dedicated research and development department. Regardless of the specific structure of your innovation process, having one in place is a requirement for an ethos of innovation at any company.
2. Capitalize On Business Partnerships To Boost Your Brand
Innovation requires looking outside of the box. Looking to other industries or companies is sometimes necessary to gain a fresh perspective for true innovation.
Forming strong relationships with external entities can encourage the sharing of knowledge and provide you with the tools and resources to pursue innovative ideas. I know, for example, that in the cannabis businesses, some are partnering with beauty product brands. Innovation breeds more innovation, so partnering with like-minded operators can allow you both to go further.
Throughout my career, I have focused on making common ingredients better, more effective and more accessible. To create some of our most novel cannabinoid products, I have the pleasure of working with incredible external entities to develop, produce, market and distribute new and innovative formulations. The direct benefit of doing so is feeling confident your product is created and sold with the top minds of each market facet behind its launch.
3. Embrace Technology For Consumer Market Research
It’s no secret that we live in an increasingly technological world. No matter your industry, you can leverage new and existing technology to support your innovation.
Technology allows us to collect and analyze data on the efficacy of existing products and ingredients while enabling us to peer at consumer behavior. When creating a new product or exploring an innovative idea, it’s essential to consider what consumers want and need. Consumer search trends, surveys and even keywords on user-generated social media can all give us invaluable information about what consumers are looking for and how they’re doing it. Look for tools that can allow you to access these insights and make sense of them.
While some of the most impactful products I have developed were born from personal experiences, I’ve found that it’s important to perform rigorous consumer research to fine-tune and ensure the viability of these products on a broad scale.
4. Cultivate Creativity And Risk-Taking To Stay Competitive
It can be tempting to play it safe, sticking to what you and your company know and feel comfortable with. In today’s world, however, companies must innovate to stay relevant and competitive. It’s essential to create a company culture that values and embraces innovation in whatever form it might take.
To create a work environment emphasizing innovation, encourage your employees to take risks and think outside the box. Reward them for genuine efforts at innovation, such as by having regular creativity competitions and always acknowledging individuals for their ideas.
Creating a forward-thinking, innovative ethos at your company will also help you be your most creative and productive self. When we innovate, we’re not afraid of failing. When we’re not scared of failing, I find that we tend to come up with our most original ideas and enjoy doing so.
Creating a culture that values innovation could look like having a dedicated space for employees to share what inspires or interests them. You can arrange regular brainstorming sessions or maintain an open communication line for people in your organization to share ideas and work together nonjudgmentally.
In conclusion, allowing room for innovation is essential for any business that wants to stay ahead of the competition. Allowing room for innovation is what has allowed me and my team to develop some of our most groundbreaking products and formulations. Of course, only some new ideas will succeed, and that’s alright. The important thing is to keep trying new things and learning from your mistakes. As long as you’re willing to innovate, you’ll be better positioned to succeed in today’s ever-changing marketplace.
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