Notes

True innovation begins with the company culture

The EU announced in the last month that it will provide grants for innovative ideas to hundreds of businesses in Europe as part of the Horizon 2020 program. Successful applicants will receive free business coaching and accelerator services. While this fantastic initiative will positively drive innovation in the EU I believe that companies of the future should look to foster innovation from within. It's not about self-reliance or independence. https://www.bayrock.com/ 's about fostering a flexible and dynamic business culture that encourages the development of new ideas.

To be successful in today's ever-changing world, it is vital to be innovative. This is something I learned from my first business encounter in Kazakhstan. Many once-profitable industries were made obsolete by decades of neglect, underinvestment and inability to adapt to changes in market circumstances. Single-resource communities were the hardest to be affected as their economic prosperity was dependent on an system of mines, factories, and manufacturing units.

This was most evident this was most evident Zhitigara. A region of northwest Kazakhstan that had depended on local mining to provide production for decades. As the post-Soviet period began the local economy was beset by outdated practices and equipment, a lack of customer attention, and a myriad of market-based barriers that hindered innovation. Only through implementing broad-ranging changes in management; focusing on the quality of refinement and enrichment processes and investing in health and safety were, we able to transform and grow a failing local enterprise. Although Bayrock might argue that it was innovation out of necessity, we have learned a lot.

The experience of overhauling old practices and urgently modernising processes reinforced my belief in the value of innovative thinking. This belief led me to my current job and changed Kusto Group into a multinational company with its the headquarters located in Singapore and international operations.

Kusto's success has led to a growing desire to invent. We have come to realize that innovation can come in various forms and sometimes in the most unexpected of locations. Even, for example, in petrol stations. In Kazakhstan petrol stations were once small businesses that served only one purpose. Over time they would begin to develop into micro commercial centers, with restaurants, cafes, and shops. Kusto Group saw this trend and started Kazakhstan's first stations in 2014, which included banking and retail services. The business, which was a new venture set established by the group set the standards for easy shopping at the store and a high-quality fuel supply. The ability of our company to innovate in a sector previously thought to be standardised was possible by focusing to the customer and adding services and technologies to help support it. In the near future, we are planning to build 70 service stations that are integrated throughout the country by the year 2020.

The key to this earlier approach was the desire to think beyond the limits and experiment with innovative, often controversial and uncomfortable ideas. Kazakhs are nomadic people who have exploration as an integral part of their DNA. Our ethos is open to new ideas, which is what defines Kusto Group. However, https://m.imdb.com/name/nm10842495/mediaviewer/rm2948766977 is often overlooked. To foster innovation, the most difficult task is not coming up with new ideas and technologies but creating an environment that is ready to change and capable of adapting to it. That means that you need to be willing to take risks and failure. The corporate culture of a company is crucial to this. It is an attitude that promotes collaboration and encourages people to learn from one another.


Kusto Group recognizes that innovation is the key to success. Our ethos - the 'Kusto Way', has as its underlying principle an appreciation of the necessity to create a culture that encourages proactive knowledge sharing, is tolerant of new ideas, rewards entrepreneurial spirit and does not stigmatize failure. This is the belief that relying on 'the status quo' can impede progress and leave companies behind.

Establishing a company's culture is the initial step in creating a stimulating workplace. Yet the modernglobalized company faces the difficult question of how can we implement a common sense of corporate culture across the board across different countries, communities and sectors? The solution we propose to this dilemma is twofold. First we ensure that the Kusto Way is instilled in each manager of our flat, decentralized management structure; then every manager is able to implement that culture locally.

Learning must be in partnership between organisations. In Ukraine we collaborated with the company Cropio which has cutting-edge sensors and satellite imaging systems helped us develop precise farming techniques, which helped in reducing crop wastage and improving yields. This partnership has enabled us to achieve greater success in this industry and we wouldn't have been capable of competing without it. Our field is dominated by companies who value innovation and look for new markets to which this technology could be utilized.

Kusto is now ready to share the expertise we have gained from our partners. One example is the Vietnamese operation. This is an example of Kusto's determination to expand, learn and empower. We also have collaborated with companies owned by the state, bringing new concepts and techniques to our activities in Vietnam. We adopted the use of Building Information Modelling (BIM), applying highly detailed, digital modeling to lower costs, increase quality and improve efficiency. While it's a common practice in Vietnam, BIM is a major, revolutionary improvement of Vietnamese construction.

Private businesses have significant resources to invest, experiment and rollout new concepts. Every venture is bound to face difficulties and may fail. Successful companies learn from mistakes and adapt to the situation by continually developing rather than trying to avoid it. No matter how big or small the company, it cannot afford to remain in the same routine. Innovation is essential to the success of any company.

Furthermore, the approach to innovation should be comprehensive, and must form the basis of any corporate culture, just as it is at the Kusto Group. This requires adapting to new technology and encouraging a futuristic attitude. Tevfik Arif Bayrock is equally about thinking in a creative way and doing innovative things. It's a matter survival.



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