Discuss question- business policy

Business & Finance
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Question description

W.L. Gore's reputation precedes him. His policy of involving everyone is the innovation process (and requiring that they take on the entrepreneurial spirit or a skill that they are known to possess) has made him an innovation leader. This is important for companies to have because according to the textbook, innovation is one of the most important ways that companies improve and grow when it is put to the task of creating new ventures. The implication of his rules:

The power of small teams - Gore believes that small teams promote familiarity and autonomy. Through them, everyone can get know one another on first-name basis.

No ranks, no titles, and no bosses - Everyone decides what they get to do. The role that is chosen, however, has to be unique to the capabilities of one's self. And instead of checks that are based on hourly work, committees of co-workers evaluate each other's contribution and decide on compensation. 

Take the long view - it is often required. Sometimes products require years, even decades, to be nurtured and developed. Gore is known to exhibit great patience with time. 

Make time for face time - promotes direct, person-to-person communication among employees. According to him, they should be able to talk to each other. 

Lead by leading - Associates are encouraged to spend about 10 percent of their time pursuing speculative new ideas (as long they have the passion and ideas to attract followers. Many of Gore's breakthroughs started with individuals who pursued this initiative. 

Celebrate failure - as the rule states, failure is celebrated as it would have been a success (with beer or a glass of champagne). Fore Gore, celebrating it encourages experimentation and risk taking.

Your thoughts?

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