In today’s global economy, business success is dependent on innovation. Innovation is the process of creating something new by using knowledge and imagination to find new ideas. Innovations can be in many forms, but are typically a new product or service. A new product or service can be defined as a fresh idea that has never been seen before. The best companies use this power of innovation to fuel growth and make their mark on the world. Among those companies is The Center for Breakthrough Medicines, a contract development and manufacturing organization (CDMO) that is developing the world’s largest and most advanced single-point facility for cell and gene therapy manufacturing.
Since its founding in 2020, Center for Breakthrough Medicines (CBM) has become an emerging force in the industry, ramping manufacturing and testing capabilities, states Amiel Gross, Vice President and Head of Legal at The Center for Breakthrough Medicines. It’s a competitive field, so he and the company’s legal staff must also protect the company’s intellectual property. Below, Mr. Gross shares some ways you can make your company more innovative.
Innovation Defined
To be innovative, a company must have the ability to think outside of the box. It is important that you allow your employees freedom to explore new ideas, and provide them with the resources they need to succeed. Additionally, it is crucial that team members are given the tools they need to achieve success. These tools can include anything from laptops to office space. The goal of innovation is not simply finding new ways to market your company but figuring out how to improve on current business processes.
“We have some of the most skilled and experienced scientists and business executives globally,” Amiel Gross says. “My job is to empower their work so that innovation is allowed to prosper.”
Developing a culture of innovation
One of the best ways to make your company more innovative is to build a culture where people can feel comfortable sharing their ideas with each other. This will encourage employees to share ideas and generate new ones. In order to create this culture, you need to set up an environment that welcomes all ideas. You must be willing to take risks in order to stay on the cutting edge of innovation. It may seem like an idea that sounds crazy at first, but if you’re willing to try it, there may be amazing benefits waiting for you.
Another way you can empower innovation is by fostering a workplace environment where people are given opportunities for autonomy and creativity. By giving people these opportunities, they understand that they have the power to affect change and will become more motivated when faced with challenges or obstacles.
Factors that Empower Innovations
First and foremost, you must have a clear vision for your company’s strategy. This can be achieved through the creation of a strategic plan. It is also important to research and understand the market in which your company operates, so that you can provide solutions that meet the needs of this specific market. Lastly, it is crucial to develop an understanding of customer needs. By actively listening to what customers have to say about their experiences with your product or service, you will gain insight into what they are looking for and how they are using it. These three steps are critical in developing innovative strategies for your company.
As the Head of Legal at CBM, Amiel Gross oversees IP matters, contracts, licensing, and partnership and sponsored research agreements. He also manages compliance and regulatory issues and is responsible for human resources as CBM makes hundreds of new hires. In addition, Gross has used his department to refine the company’s business operations, providing greater structure while eliminating risks “so scientists can work more productively.”
Strategies for Innovating a Company
Create your company’s mission and values. Each company should have a mission, which is what the company strives to do and an overarching set of values that guide its day-to-day operations. Developing a mission and values will give employees a clear understanding of why the company exists in the first place. A company’s values are all about how it presents itself to the world and how it interacts with other people.
Second, make sure people are encouraged to share their ideas. Employees should feel comfortable sharing their own opinions, thoughts, experiences, or ideas at any given time. If someone feels like they aren’t allowed to share their ideas freely at work, they won’t be as likely to do so. Encourage employees who want to innovate by creating an atmosphere where they can share new thoughts without being criticized or judged for it.
Third, create opportunities for collaboration with other businesses and organizations. Companies need new insights into what is happening in other industries in order to stay ahead of the curve when it comes to innovation. Finding ways to partner with other companies can often foster creativity and inspiration among teams within the company while also bringing diverse perspectives into its fold.
For example, CBM recently announced collaboration with gene therapy pioneer, University of Pennsylvania, as well as an infusion of capital from SK Inc., South Korea’s second largest conglomerate. According to Amiel Gross, the connection allows “small biotech firms, universities, and large pharmaceutical companies to advance gene therapies” from research and development to clinical studies at potentially lower costs and expedited timelines.
Fourth, make sure your company has room for growth by investing in young talent. Young talent is vital because they often bring new energy into the workplace that pushes older staff members out of stagnation and gives them something fresh to challenge them with on a daily basis without seeming too “new age.”