5 Ways To Foster Innovation In Your Business

At the Blakes Innovation Forum recently held at MaRS Discovery District in Toronto, leading entrepreneurs, academics, policymakers, legal experts and business leaders came together to discuss how to bring innovation into the workplace. Here are their suggestions:

1) Adapt to Change

Dean Tseretopoulos, associate vice-president of utility capabilities and digital channels at TD Bank Group, said in order to keep up with our rapidly changing world, companies need to adapt for the short term.

"The solution that's available to you right now is probably going to be irrelevant in three years," he said. "Either the problem that you're trying to solve is not going to be there anymore or the technology is going to be completely obsolete and replaced." As a result, Tseretopoulos suggested thinking about what is possible for your business to achieve in two to three years from now rather than developing five-year business cases.