Some Gurus Finally Get It

In the October 13-19, 2007 issue of The Economist there was a special report on innovation

http://www.economist.com/specialreports/displaystory.cfm?story_id=9928154

A few insights emerged for me as I read it.

First of all, there is a recognition that “open innovation” is the most formidable force in the creation of sustainable business growth. What this means is ideas can come from anywhere, and the companies that have their antennae tuned to the outside will be the ones who find the next great thing, not companies who are only internally focused.

This is exciting, as the article states, for developing nations because they can be the source on ideas to open innovation companies. No longer is innovation solely the realm of the white coated R&D types. But then, some of us have known this for some time.

Second, within the realm of open innovation, we are beginning to experience the capabilities of Chinese and Indian innovators. As the article states, “there are now over 400 firms designing chips (semiconductors) in China,” with new chip innovations on the horizon. Another example is Tata Motors and their “Nano” vehicle selling for less that $2500, a price approachable by 70% of the world’s population who here to for could not afford a vehicle. (The next question is “what innovations will be derive to deal with all these new cars on the roads?”)

Finally, in the section of the article titled “A Dark Art No More,” a consensus from the innovation gurus such as Clayton Christensen and Larry Keely states “the innovation process is steadily becoming a practical science to be measured, taught and managed.” This has been the core of Launch Institute’s business for 11 years; building, managing and measuring our clients’ innovation processes to achieve higher levels of organic growth. Our clients (Nokia, BMW, and P&G among them) have known this for years and in this knowledge have developed world-class growth engines that are killing the competition.

Its nice to know the “gurus” finally get it!