Antonio Junior of Miami is an experienced entrepreneur who has applied his business and leadership skills to grow several organizations. In 2003, he founded Florida Conservation Inc., a fuel reclaiming service based in Miami that works with the rental car industry to manage their fuel reclamation efforts. As a business leader, Antonio Junior must pair effective management strategies with the ability to encourage innovation within his organizations.
Creating an environment in which employees can freely innovate and express their creativity can dramatically improve the success of a company. In a world where change takes place at lightning speeds, innovation can be critical to a company’s survival.
In 2005, Google’s former CEO Eric Schmidt presented an approach to encouraging innovation in a corporate environment. According to Schmidt, a company can encourage innovation when it not only invests in current projects and products, but also allocates time and resources to creative and experimental thinking.
At Google, Schmidt encouraged employees to divide their time according to the 70-20-10 rule. In this approach, 70 percent of an employee’s time and resources is dedicated to the company’s core business, 20 percent to development of adjacent products and 10 percent to experimental projects.
Though there is merit to traditional methods of learning and development within a corporation, setting aside time that is dedicated to innovative thinking can drastically change the future of the company. Large corporations such as Coca-Cola, Nike, Home Depot, and Dell have all implemented the 70-20-10 rule in some form.