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Oct 11, 2023 · We asked global thought leaders about the criteria they would use to classify a company as ‘innovative’ and how they would design or architect a new organization with innovation at its core.
- George Krasadakis
- Aspire
- Choose
- Discover
- Evolve
- Accelerate
- Scale
- Extend
- Mobilize
President John F. Kennedy’s bold aspiration, in 1962, to “go to the moon in this decade” motivated a nation to unprecedented levels of innovation. A far-reaching vision can be a compelling catalyst, provided it’s realistic enough to stimulate action today. But in a corporate setting, as many CEOs have discovered, even the most inspiring words often...
Fresh, creative insights are invaluable, but in our experience many companies run into difficulty less from a scarcity of new ideas than from the struggle to determine whichideas to support and scale. At bigger companies, this can be particularly problematic during market discontinuities, when supporting the next wave of growth may seem too risky, ...
Innovation also requires actionable and differentiated insights—the kind that excite customers and bring new categories and markets into being. How do companies develop them? Genius is always an appealing approach, if you have or can get it. Fortunately, innovation yields to other approaches besides exceptional creativity. The rest of us can look f...
Business-model innovations—which change the economics of the value chain, diversify profit streams, and/or modify delivery models—have always been a vital part of a strong innovation portfolio. As smartphones and mobile apps threaten to upend oldline industries, business-model innovation has become all the more urgent: established companies must re...
Virulent antibodies undermine innovation at many large companies. Cautious governance processes make it easy for stifling bureaucracies in marketing, legal, IT, and other functions to find reasons to halt or slow approvals. Too often, companies simply get in the way of their own attempts to innovate. A surprising number of impressive innovations fr...
Some ideas, such as luxury goods and many smartphone apps, are destined for niche markets. Others, like social networks, work at global scale. Explicitly considering the appropriate magnitude and reach of a given idea is important to ensuring that the right resources and risks are involved in pursuing it. The seemingly safer option of scaling up ov...
In the space of only a few years, companies in nearly every sector have conceded that innovation requires external collaborators. Flows of talent and knowledge increasingly transcend company and geographic boundaries. Successful innovators achieve significant multiples for every dollar invested in innovation by accessing the skills and talents of o...
How do leading companies stimulate, encourage, support, and reward innovative behavior and thinking among the right groups of people? The best companies find ways to embed innovation into the fibers of their culture, from the core to the periphery. They start back where we began: with aspirations that forge tight connections among innovation, strat...
The most innovative companies give employees across the business opportunities to contribute to innovation processes—and some even extend those opportunities to suppliers and customers. Encouraging a more inclusive approach to innovation tends to yield richer and more diverse solutions.
Mar 8, 2022 · Innovation is critical across all industries; however, it's important to avoid using it as a buzzword and instead take time to thoroughly understand the innovation process. Here's an overview of innovation in business, why it's important, and how you can encourage it in the workplace.
- Employees who’ve been taught to think like innovators. We’re a bit dumbfounded that so few companies have invested systematically in improving the innovation skills of their employees.
- A sharp, shared definition of innovation. To manage innovation in a systematic way, you have to have a widely understood definition of innovation. Without this, it’s impossible to know how much “real” innovation is going on and whether it’s paying off.
- Comprehensive innovation metrics. Companies measure just about everything that has an impact on the bottom line, yet strangely, they often shy away from measuring innovation.
- Accountable and capable innovation leaders. What percentage of the leaders in your company, from project managers to executive vice presidents, are formally accountable for innovation?
Jun 22, 2020 · Committed innovators are winning. Almost 60% of them report generating a rising proportion of sales from products and services launched in the past three years, compared with only 30% of the skeptics and 47% of the confused.
Apr 15, 2021 · Successful innovation takes three things. Making innovation a priority. Committing investment and talent to it. And being ready to transform investment into results. So how are the most innovative companies doing? Innovation priority is up. Let’s start with the good news.
