Why 'Creative Capital' is imperative for strategic business growth?
In the current world of business, it is very important to be agile seeing the evolving customer needs in the midst fast-paced technology trends. While financial capital and technological prowess are undoubtedly important, there's a less tangible but equally crucial asset that often goes overlooked: creative capital.
What is Creative Capital? Creative capital includes the sum of learning, abilities, and creativity provided in the organisation. It explores beyond creativity and artistic talents; it encompasses capacity to work under different perspectives use their brains to develop new ideas, consider and solve various tricky issues and work on different perspectives and adapt to change. Essentially speaking, it is the lifeblood of invention and growth that helps business organisations to function aggressively.
Why is Creative capital a significant factor in today’s economy?
At the time when competition is heightened and the intense disruption becomes the new normal, creative capital is seen as an important aspect in business. A report carried out recently by the World Economic Forum revealed a research that showed that creativity culture in business enhances the chances of the business to perform better in revenue growth by three folds. That is why creative capital is not simply about the creation of ideas of goods or services. Probably, it is about thinking how it is possible to develop the processes in a company or organization, to optimize operations, make customers’ experience better, and respond to the changes in the market. It is all about practicing culture of questioning, of trying out new things and of learning from the failures that occur in the process.
IBM, a technology and consulting giant, applies intensive large-scale global collaborative working solutions known as ‘Innovation Jams’ to boost the creative output of its people and external stakeholders. These are huge open idea generation meetings with a numerous audience of employees and customers and/or business associates.
Global Participation: Users can make their proposals, comment, and develop them collaboratively in a given time span.
These are carried out in a way that allows the participants to talk as they are led by the session moderators who document important points.
Innovation Jams have helped to create new businesses and their corresponding ventures, products and services. For instance, the “Smarter Planet” initiative was developed out of an Innovation Jam
The process enhances participants’ proactivity and involvement since they know that their suggestions will be considered and can result in the creation of more products.
Most companies use creative storytelling and successful animated films, uses a unique approach called the “Braintrust” to cultivate creativity.
Braintrust Meetings: A group of trusted directors and storytellers regularly meet to provide candid feedback on projects. These meetings are characterized by open and honest feedback, with the goal of improving the project rather than criticizing the creator. Everyone’s input is valued, fostering a culture of mutual respect and collaboration.
The Braintrust has been instrumental in the success of many of Pixar’s critically acclaimed films, ensuring that ideas are refined and improved through collective input. The process helps in identifying creative solutions to storytelling challenges, enhancing the overall quality of the projects.
How to Harness, Focus, and Deploy Creative Capital
While creative capital is often seen as an intangible asset, there are concrete steps businesses can take to cultivate and leverage it effectively:
Create a culture where creative thinking is valued and rewarded. Encourage employees to share ideas, experiment, and learn from failures. Celebrate successes and recognize individuals and teams for their creative contributions.
Creativity thrives in diverse environments where people from different backgrounds and perspectives come together. Foster a culture of inclusion where everyone feels valued and empowered to contribute their unique ideas.
Provide opportunities for employees to learn new skills, explore different fields, and stay abreast of the latest trends. Encourage cross-functional collaboration and knowledge sharing to foster a culture of continuous learning.
Give employees the autonomy and resources they need to experiment, take risks, and bring their ideas to life. Eliminate unnecessary bureaucracy and create a supportive environment where creativity can flourish.
Utilize technology to facilitate collaboration, idea generation, and prototyping. Tools like brainstorming software, virtual whiteboards, and project management platforms can enhance the creative process.
Therefore, although creative capital is different from the financial capital in terms of the extent to which it can be measured, it is still possible to estimate effects of the creative capital on business performance indices. Measures like employees’ satisfaction, the rate of introducing new ideas, clients’ satisfaction, and revenue increase may also reflect a high creative culture.
In the age of new technologies and globalization of markets, the concept of creative capital remains a critical and valuable element in business. This means that businesses that will embrace creativity in their business operation will stand a better chance among the prevailing and incoming difficulties and opportunities.
Author (s): Gitanjali S.
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