The need for innovation...
Welcome Los Andes students!
It seems that innovation is on everyone's mind. My interest is in helping established, more mature companies achieve higher levels of innovation. Yet there are many challenges.
The challenges in these relatively slow moving industries are multiple, according to Launch Institute (http://www.launchinstitute.com) director Mark Roser–
•Slower cycle times reduce the frequency at which organizations can learn through experience, trial and error (Need for nimbleness)
•Distance from the end-user clouds the ability to understand the future direction of the market (Need for extra-spective view)
•Strategic emphasis on quality and cost-reduction overshadows the need for growth (Need for innovation strategy)
•Limited R&D funding reduces willingness to invest in risky bets (Need for a balanced portfolio)
•A lack of understanding of and/or success with organizational change.
Aversion to “big bet” projects give way to systemic incrementalism. Yet there are companies lke Virgin, BMW and Eaton Corporation who pusing the innovation value equation.
So what is it that gives these companies the "innovation edge"? What can others learn from them? Why is innovation important anyway? Add your comments here.
posted by Sutherland on Innovation at 11:08 AM
1 Comments:
So what is it that gives these companies the "innovation edge"?
In some companies I think that the edge is given by "allowing for failure" and "learning from failure". I don't know the statistic but innovative companies probably succeed thanks to not very high ratio of successful to new products.
What can others learn from them?
Strategy, followed by culture, followed by structure. Decide to be innovative, create a culture that supports innovation, support that spirit with the right structure (flexible and diverse teams, creative sessions, suggestion boxes, a supportive leadership).
Why is innovation important anyway?
Innovation is importante because companies and business courses are always talking about how to manage or diminish uncertainty. Innovation can add value to your company but practicing innovation also allows you to be an uncertainty factor rather than a victim of other companies' waves.
2:49 PM
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