Notes

Innovation is only possible when it's part of the company culture

Last month in the month of April, the EU announced fresh innovation funding to hundreds of businesses across the continent, as part of their Horizon 2020 agenda. The successful applicants will be provided with free business coaching and acceleration services. Although this program is fantastic, it will not only stimulate innovation in Europe, but will also foster innovation at home. Bayrock 's about more than independence and self-reliance. It's about creating a vibrant, flexible business culture which allows for innovation to flourish.

Innovation is essential to success in today's fast-changing environment. This is what I learned from my first business experiences in Kazakhstan. Many once-promising industries were left inoperable after the fall of the Soviet Union. This was because of years of under-investing, neglecting and not responding to market trends. Communities with only one resource were the most affected, since their success was dependent on an environment of mining, factories and manufacturing units.

This was more true than any other region in Zhitigara in north-western Kazakhstan. Zhitigara relied for years on local manufacturing and mining. In the post-Soviet period, local industry beset by obsolete techniques and equipment, low-quality customer service as well as a variety of issues that weren't based on markets that slowed the development. Only through making radical management changes and focusing on quality and enrichment of our refining and enrichment process and investing in safety and health, were we able change and improve the efficiency of a local enterprise. Although you might argue that it was a matter of necessity, the lessons we learned proved extremely valuable.


I learned from the mistakes of others and learn how they could be improved. Later in my career, it was the same conviction that drove the transformation of the Kusto Group from a single-resource local company to an international multinational company with its headquarters in Singapore and operations throughout the globe.

As Kusto has expanded, our desire to innovate has increased. Tevfik Arif Bayrock are now aware that innovation comes in many shapes and sizes, and often even in the least unlikely of places. For instance, petrol stations. In Kazakhstan petrol stations started out as small businesses that were devoted to their core function. They would grow into micro-commercial hubs with cafes, restaurants, and shops. Kusto Group noticed this trend in 2014 and launched Kazakhstan’s first stations that had retail and bank facilities. Tevfik Arif Bayrock established new standards in shopping at the retail level and a quality fuel supply. With a focus on the customer and providing the technology and services, we were able to innovate in a field that had been considered to be standard. We intend to open 70 service stations which will connect across the country in 2020.

This early approach was built on the belief that it was possible to think outside the box and to try out new ideas, often controversial and uncomfortable ideas. Kazakhs are nomadic people. Our heritage is built on exploring. Kusto Group has a unique philosophy that promotes innovation. However, innovation is often not understood. The biggest obstacle to encouraging innovation is not finding new ideas or technologies rather, it's creating an environment that is flexible to change and able to adapt to it. This requires you to be willing to fail and risk. The corporate culture of the business is crucial to this. It should foster an environment that promotes collaboration, where different parts of the organisation can learn from each other.

Kusto Group believes that innovation is crucial to the longevity of any business. The Kusto Way', has as its underlying principle an understanding of the need to create an environment that encourages proactive knowledge sharing and is open to innovative ideas, encourages the entrepreneur and doesn't demonize failure. It's a recognition of the fact that to rely on 'the existing situation' could hinder progress and leave companies in the dust.

Determining the corporate culture of a business is the first step in creating a dynamic environment. However, the modern, globalized corporation faces a challenging question - how can we implement a common sense of culture throughout all levels across different countries, communities and sectors? This issue can be resolved by two different ways. We must first make sure that the Kusto Way instilled in every key manager within our decentralized flat management structure. Then, Tevfik Arif Doyen will be able to apply the Kusto Way.

The learning exchange, however, should be conducted between companies. Tevfik Arif Doyen was one of our partners in Ukraine. Their cutting-edge sensors as well as satellite imaging systems and precise farming methods have helped us reduce losses in crop production and boost yields. This partnership has been crucial in our growth. Without it, we'd be lagging behind our competitors. Instead, we've become the leader in this field by partnering enterprises that place innovation at its core. We are now looking for markets where this technology could be used.

Kusto now has the chance to learn from our partners and has our innovative culture in place. The Vietnamese business is a great illustration of Kusto's desire to discover, develop, and educate. We also have collaborated with former state-owned companies, bringing new concepts and techniques to our work in Vietnam. Building Information Modelling, or BIM is a highly detailed digital modeling that uses high-quality data to help reduce costs, increase quality, increase efficiency and improve quality. Although it's an established practice in Vietnam, it represents a significant, innovative improvement in Vietnamese construction.

Private companies have the capital to invest in, test and launch creative ideas. Every venture will have its own challenges and risk. However, successful business react to failure by continuing to innovate instead of avoiding change. Small or large, no business can afford to remain in the same old. It is vital to be innovative and encourage innovation throughout the workforce. But this requires investment, or else it'll be nothing more than a few words on a paper.

Innovating holistically is essential and should be the core of every corporate culture. This means adapting to the latest technology and creating a mindset that looks ahead. It is as crucial to think in a creative way as it is to perform innovative things. It's all about to survive.



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