Creating a culture that supports risk-taking and creative thinking
Innovation is at the heart of building better products and sustaining business growth. For scale-up entrepreneurs, fostering a culture that embraces risk-taking and creative thinking is essential. This is where new ideas are born, refined, and transformed into products and services that resonate with the market. The Festival of Entrepreneurs, set to take place at the NEC on 8-9 October 2025, will convene industry leaders, successful founders, and innovation experts to share how scale-ups can cultivate a culture that drives product excellence and sustainable growth.
Embedding innovation into your company’s DNA
A culture of innovation must be intentionally embedded into every layer of an organisation. This starts with leadership that not only values innovation but actively supports it by encouraging curiosity and experimentation. For scale-ups, embedding this culture means empowering teams to explore new approaches to product development and iterate on existing offerings.
Companies that prioritise innovation often create formal and informal processes for brainstorming, prototyping, and testing new concepts. This enables teams to contribute ideas freely and see their concepts come to life, fostering a cycle of continuous improvement that leads to better products.
How innovation leads to better products
The most innovative companies don’t just react to market trends—they anticipate them. By fostering an environment where creative thinking is encouraged, scale-ups can develop products that not only meet current customer needs but also set new standards. Innovation allows entrepreneurs to differentiate their offerings, adding unique features or solutions that provide more value to customers.
Whether it’s improving the usability of a tech platform, enhancing the sustainability of a physical product, or creating entirely new service models, innovation drives differentiation and customer satisfaction. Teams that are given the space to think creatively and experiment are better positioned to iterate and refine products until they become market leaders.
The role of universities in fostering innovation
Universities play a significant role in supporting the innovation efforts of scale-ups. These institutions are hubs of research, fresh thinking, and cutting-edge technology, making them valuable partners for businesses looking to develop new products or services. Collaborating with universities can provide scale-ups with access to specialised knowledge, resources, and research capabilities that might otherwise be out of reach.
Partnerships with universities can take many forms, including research collaborations, access to innovation hubs, and cooperative projects that bring academic expertise into the commercial sphere. The Festival of Entrepreneurs will highlight the importance of these partnerships and explore how businesses can leverage university relationships to drive product development and stay ahead of the competition.
Encouraging risk-taking while managing outcomes
Risk-taking is a fundamental part of the innovation process. For scale-ups, this means creating an environment where calculated risks are encouraged and supported by data and strategic thinking. Leaders who establish a culture where failures are viewed as learning opportunities build teams that are more willing to push boundaries and challenge conventional methods.
Entrepreneurs who balance bold experimentation with thoughtful risk management create a sustainable cycle of innovation. This approach ensures that while new ideas are pursued, they are done so with a clear understanding of potential outcomes and contingency plans. The result? Products that are both innovative and reliable, giving scale-ups a competitive advantage.
Cross-functional collaboration as an innovation driver
Great products are rarely developed in isolation. Encouraging cross-functional collaboration within a company can lead to breakthroughs that siloed departments might not achieve. When team members from different disciplines work together, they bring unique perspectives that can lead to creative problem-solving and product enhancements.
Cross-functional teams that include members from marketing, design, engineering, and customer support can address product development challenges from multiple angles. This collaboration not only fuels innovation but also helps ensure that the final product is well-rounded and market-ready.
Leveraging external partnerships for product innovation
Innovation is often accelerated through strategic partnerships. Scale-ups that collaborate with other businesses, startups, and academic institutions can access a broader pool of ideas, technologies, and expertise. These partnerships can take product development to the next level by bringing in specialised skills or resources that are too costly or time-intensive to develop internally.
Universities, in particular, can be valuable partners in these efforts. Research partnerships can provide businesses with insights into new materials, processes, or technologies that can enhance product development. The Festival of Entrepreneurs will explore how partnerships with universities and other external organisations can be leveraged to drive product innovation and secure a competitive edge.
Feedback loops that drive product innovation
An effective feedback loop is essential for continuous product improvement. This means gathering input from customers, team members, and external stakeholders to iterate on products and services. Scale-ups that establish robust feedback mechanisms can make informed decisions that lead to better product offerings.
Feedback loops help businesses stay connected to market needs, allowing them to pivot quickly when necessary and avoid the stagnation that comes from complacency. Entrepreneurs who build a strong feedback culture into their teams ensure that innovation is a constant, iterative process.
Sustaining an innovative culture through growth
One of the challenges for scale-ups is maintaining their innovative culture as the business scales. Growth often brings more structure and process, which can stifle the very creativity that led to early success. Successful scale-ups find ways to embed innovation into their core values and maintain flexibility as they expand.
Leaders who prioritise a culture of openness, continuous learning, and idea-sharing help ensure that innovation is not just an initiative but an ongoing practice. This helps teams stay motivated, adaptable, and committed to creating products that keep the company at the forefront of its industry.
Take part
The Festival of Entrepreneurs will bring together founders, business leaders, and innovation experts eager to share their strategies, experiences, and insights on creating a culture of risk-taking and creative thinking that drives better product development. This is more than an event—it’s an opportunity to gain knowledge and connections that can transform the way you approach innovation in your scale-up.