Dive Brief:
- Two researchers have presented a study that posits business genius can actually be taught. Luis Martins, director of the Herb Kelleher Center for Entrepreneurship at the University of Texas, and Violina Rindova from the University of Southern California argued in their paper, Advances in Strategic Management, that for business to be a "breakout" success, "strategic imagination" must be utilized — and it can be taught in the classroom. They're calling on businesses and academics to test their theory.
- For a company to create an innovative strategy, business leaders must "imagine into the future, rather than re-enacting the past," the announcement from the University of Texas said. This type of future-focused imagination is not being taught today, the researchers said. Students are taught to analyze past business models and consider how to adapt them for the present, but students should use future-focused imagination to really create a revolutionary business model, they argued.
- Strategic imagination techniques include anticipatory thinking, "analogical reasoning and design thinking," according to Martins. He had his students look at economic and social trends as well as emerging technology then brainstorm new goods or services that could create an entirely new market category.
Dive Insight:
To nurture an environment that advances alongside digital transformation, a recent survey of Federal employees found that a culture of innovation is needed, including a focus on implementing that technology across the business. Employees need to feel enabled "to think outside the box" and have "targeted support" from leadership regarding follow-through, the report noted.
The front-end investment may be heavy for employers, but businesses that strive for an innovative environment attract a higher level of top talent, according to some experts. Transparency and an outward willingness to support innovation can go a long way; other studies note that a culture that embraces diversity can jumpstart creativity and encourage innovative thinking.
A shift in thinking at the university level is changing the way employers view learning and employee development. Some universities are offering alumni lifelong access to learning for its business school graduates. Others are rolling out specialized leadership programs to help find a path to "revolutionize" the market. Whatever the strategy, more employers are considering partnerships with higher education institutions in order to better prepare their workforces for the coming business transformation.
