Good governance practices support innovation and growth
The importance of innovation and purpose in capturing growth (McKinsey)
Ashley Schofield, CEO of giffgaff, a telecommunications company headquartered in London shares the role of innovation and how to think about growth capabilities.The number-one thing to identify is that ideas can come from anywhere.
The innovation formula consists of 4 things
- Is it consistent with our values and sense of purpose? If it isn’t, then that’s a deal breaker; we won’t go there.
- Secondly, is it exciting? Is there a sense that, if we arrive there, we could generate a sense of infectious purpose about it? If the answers to the first two questions are yes, then we also look for the mutuality piece:
- Is there a give-and-get element with our membership that would help the dynamic work?
- Then the fourth bit: Is it scalable?
At GGI we have explored Culture in our Purpose and Culture course in depth. Culture should be consciously created through the collective values and beliefs your organisation is built on. How can governance professionals contribute to good culture?
