Building a culture of innovation: Innovation 360°

Abstract This study seeks to explore how companies around the world create a culture of innovation by examining common themes that underpin innovation. Through a case study approach, we examined the innovation practices of nine companies and identified six key themes prevalent across all companies: (1) emphasis on research and development; (2) flexibility and adaptability; (3) diversity and inclusion; (4) continuous learning and development; (5) risk‐taking and experimentation; and (6) sustainability. Building on these themes, we propose a new framework for creating a culture of innovation, called the Innovation 360° framework—a systematic approach for companies to understand and build a culture of innovation. Innovation 360° is centered on the core tenets of diversity, inclusion, and sustainability, driven by internal “pull” and external “push” factors of innovation that emphasize flexibility and adaptability, continuous learning and development, and risk‐taking and experimentation. We also discuss the practical benefits and potential drawbacks of the framework. Ultimately, by embracing this framework, companies can improve their innovation capacity and stay ahead of the competition while demonstrating their commitment to social responsibility. However, careful consideration of the framework's potential limitations is necessary to ensure its suitability for different types of companies and industries.