The leaders of highly innovative companies have distinctive values, principles and practices, according to IESE Prof. Joaquim Vilà, who led a Continuous Education session with alumni and invited guests in Miami on Jan. 25. The unique way in which they exercise leadership is often the driving force behind innovation and growth in the company.
Prof. Vilà presented a framework drawn from examples of best practices related to top management in three areas: 1) what drives them in their efforts to lead the transformation of their businesses (a challenge, an ideal or a dream that makes sense to those who must make it happen; 2) how they direct progress towards this ideal and 3) how they face the adversities that arise in the transformation of the organization towards that goal. These practices are key to the institutionalization of values, principles and practices that shape corporate culture, and jointly determine the innovation quality and strength of the most innovative companies in the world, he said.
Sprinkling his presentation with examples, he cited quotes from leaders of firms such as Sony, Amazon, BMW, IKEA and Apple. He noted that IKEA's founder, Swedish-born Ingvar Kamprad, has articulated the following key values:
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Happiness is not in reaching your objective, but working towards it.
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Take the word impossible out of your dictionary.
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Bureaucracy complicates and paralyzes. An excess of planning is the main cause of "corporate death."
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Finish the work you have to do each day. It's the best sleeping pill.
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Divide your life into 10-minute units and sacrifice as few of them as possible in meaningless activity.
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Reflect: if it's good for our clients, it will also be for you in the long run.
Among the common traits of leaders of highly innovative firms, he says, are: the willingness to defy the status quo; use of a strategy to guide innovation; ongoing renovation of systems and processes; and austerity as a means of boosting inventiveness.
