January 4, 2024
In a recent installment of the Innovation Quotient podcast by Economist Impact, Jimmy L. Thai, the President and Chief Executive Officer of the Primer Group of Companies, he delved into the intricacies of fostering a culture of innovation within the organization. Hosted by Andrew Staples, Editorial Director of Initiatives at Economist Impact, the episode navigated discussions on innovation and its pivotal role in steering future progress.
The dynamic dialogue featured Professor Vibha Gaba, The Berghmans Lhoist Chaired Professor of Entrepreneurial Leadership in Singapore, engaging with Jimmy L. Thai in exploring the challenges and opportunities entwined with cultivating a business of innovation. The discourse delved into the nuances of a global survey involving 4,000 business leaders, spotlighting the profound impact of Employee Culture, Leadership Culture, and Organizational Culture on the innovation landscape.
"Innovation is something that requires more patience and commitment than anything else," said Thai, encapsulating the enduring essence of the innovation journey. Highlighting the demographic and technological shifts in the Philippines, Thai underscored the influence of a youthful population in embracing technology and driving innovation. Observations on evolving consumer behavior, particularly the younger generation's impact on the rise of online shopping were mentioned.
Jimmy Thai's insights illuminated the path toward innovation in the face of challenges, emphasizing the vital role of adaptability. Reflecting on the Philippines' resilience amid political and economic uncertainties, Thai attributed the country's innovative spirit to the private sector's ability to navigate adversity.
When it comes to embracing the inevitability of failures in the business, Jimmy Thai also emphasized the importance of risk taking and a steadfast commitment to learning from mistakes. "Innovation is about being patient and committed, recognizing that failures are inevitable but valuable steps in the journey," he noted, articulating a vision that transcends short-term setbacks, fostering an environment conducive to continuous improvement. A compelling narrative emerged from Thai's account of Primer Group's proactive stance on social and environmental responsibility last 2007. Initiatives aimed at reshaping consumer behavior toward outdoor activities showcased a harmonious alignment of business goals with broader societal and environmental objectives.
Professor Vibha Gaba, from the standpoint of academia in her insights, highlighted the need for clarity in an organization’s innovation agenda. She emphasized the role of top management in exemplifying a visible and long term commitment to innovation, advocating the recruitment of individuals who appreciate the importance of exploring new ideas. “Innovation is really about looking forward and the long term survival of the company because no company can stay successful by doing just what they’re doing today.” Discussing the significance of creating a conducive environment for innovation, Prof. Gaba highlighted the allocation of time, space, and resources. She stressed the importance of fostering a culture where employees feel psychologically safe to take smart risks, viewing failures as opportunities for learning and improvement.
The podcast episode provided valuable insights into the role of leadership, organizational culture, and adaptability in fostering a culture of innovation. Jimmy L. Thai's experiences at Primer Group of Companies exemplify a commitment to innovation that goes beyond business success, aligning with broader societal goals. The Primer Group of Companies continues to stand out as a leader not only in the business world but also in advocating for innovation that positively impacts society and the environment. This podcast isn't just about corporate strategy, it's a testament to the commitment that innovation holds for shaping a brighter future.
To listen to the full podcast episode, visit https://open.spotify.com/episode/20Ki6fyp6arM9BzmbWGAfU?si=YZzQkBXrR32CZBw__WX9GQ