Driving Success: How You Innovate Determines What You Innovate

Jul 18, 2005

📄 Contents

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Innovation Is the Power to Redefine the Industry
The Innovation Imperative: Driving Long-Term Growth in Top and Bottom Lines
How to Make Innovation Work: How You Innovate Determines What You Innovate
The Rules of Innovation
Summary: The Innovation Company

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This chapter is from the book 

Making Innovation Work: How to Manage It, Measure It, and Profit from It

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Summary: The Innovation Company

In today’s economies, core competencies have short life cycles. Organizations—whether pursuing profits or investing in non-profit objectives—cannot expect to survive without innovation. Without innovation, their fate is determined; the only question is whether the end will happen suddenly because a competitor comes up with a radical innovation or if it will happen as they slowly fall behind competitors that are constantly pushing the envelope. By embracing innovation, companies can redefine their industries, create new ones, and achieve a leadership position that dictates the rules of the game in their favor.

Innovation is not reserved to a few chosen companies, nor does it depend on magic formulas available only to a few initiated. It is about good management. How your organization innovates determines what it will innovate. In the end, each company’s innovation process is unique. What a company produces in the way of innovations, business growth and industry leadership will be determined by how the various pieces are arranged and how well they work together.

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