Seven Lessons From Barbara Corcoran on Fostering Innovation in Your Company

Shark Tank panelist, investor, and founder of Corcoran Group, Barbara Corcoran recently wrote about how to create a workplace culture that fosters innovation. She created such a culture in her old company, which sold for $66 million in 2001, and continues to help Shark Tank winners create a culture within their own businesses. Here are a 7 tips:

1. Create a budget to spend on innovation. Corcoran gave her managers 5% of their operating budget to spend however they saw fit.  If they did not spend the money by the end of the year, they would have to return it. While many of them spent the money on personal items, the earmarked budget was also used to drive some of Corcoran Group's biggest innovations. One of the company's most innovative marketing campaigns was a full-page advertisement in The New York Times that featured the company's salespeople, their kids, and their pets all dressed-up and smiling. There were numerous other innovative ideas that the company was free to experiment with due to the extra cash they set aside specifically for such purposes.
2. Use creativity as a competitive advantage. Big companies may have the most money, but small businesses are usually more creative. Corcoran advises that small companies should find out what their rival's plan is and prepare a smarter and more creative strategy.
3. Be prepared for failure. "In business, failure and innovation are kissing cousins," Corcoran says. "You can't have an innovative business unless you allow and plan for failure. It's only through failure that you discover all the important new stuff that moves your business to the top."
4. Keep trying. Corcoran says that the only real different between successful people and unsuccessful people is how long it takes for them to get back up after being knocked down.
5. Identify the difference between "expanders" and "containers." Expanders take risks and push the envelope, while containers keep things in order. Find out who your expanders and containers are and assign them accordingly.
6. Get rid of complainers. They will sap the energy and productivity of you and your team members.
7. Move when others are standing still. The best time to do something new is when everyone else in the industry is doing the same thing. Take advantage of these opportunities to create a disruption.

If you want to be successful, you have to learn from the best. Barbara Corcoran is one of the top names in the business world and built a billion-dollar brand through hard work and determination. Use these tips to follow in her footsteps and create the business of your dreams.


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