In a creative organization, creative people must take control. Thinkers are highly needed, as their job involves not only pondering, but also the use, the management, of every kind of thought process. The team should be guided by the creative entrepreneur. Entrepreneurs in the creative economy believe that creative wealth, if managed right, will engender more wealth. Sometimes, workers have better ideas about how to run their company than do the managers, but they can never put their ideas to practice. They have no access to financial capital and their intellectual capital is not sufficient.
There are innumerable obstacles to innovation in the actual corporate environment. Thus, managing innovation is an absolute must. Competition, mistrust, and scarcity of time, money and other resources make it very difficult to innovate. These same reasons make innovation imperative. Almost any major innovation was developed as a response to a problem of some kind. Besides, there will never be a shortage of opportunities to innovate. Historically speaking, a series of innovations have changed the economy of many countries and the world. Most often, these innovations were badly managed (or not managed at all) and had unfavourable or tragic consequences for the people involved with them.
In order to capitalize on the innovative capacities within a company, there are some basic elements that foster it in the organization. The way these elements are provided can be formal or informal, and adapted to the size and nature of the company, but they must be present in some form to truly encourage and leverage innovation. They are direction and alignment between the goals of the individuals and the company, a safe environment to take risks and share ideas, and a compensation system that recognizes and rewards innovation and collaboration.
