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Silicon Valley: A culture that fosters experimentation | SBI

In terms of the commercial dynamics of innovation, we are in the “age of experience.” More precisely, we are moving into an “experience economy” where customers value the experience of using a product or service, not just the product or service itself. Thus, it may be advisable for companies to reinterpret their business as a service and sell the total “experience” to their customers. A design-centered approach to innovation facilitates this process.

Human capital professionals can pursue an innovation culture by focusing on the 4 key actions:

  • Build organizations that empower employees to innovate
  • Encourage new ideas from all levels of the enterprise
  • Recruit and retain innovative leaders who actively endorse and reward innovation, and
  • Take calculated risks to get new ideas to market

According to Eilif Trondsen of SBI, Silicon Valley’s ecosystem will serve as the foundation for the next wave of innovation.

About Karly A.

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