Companies invest billions of dollars in innovation, but you rarely see corresponding company growth. For every blockbuster product that a company may have (think Microsoft’s Kinect or Starbucks’ Via) there are many more launches that result in failure (now think Microsoft’s Windows Vista and Starbucks’ Sorbetto) that drag down corporate results. Most product ideas never even make it to launch. It is not a pretty picture. Yet no company can afford not to innovate.
The obvious truth is that driving innovation is hard. Innovation requires significant organizational commitment and implementation excellence in order for it to yield significant results. Even though getting innovation “right” can take a long time and millions of dollars, it is critical. An often overlooked lever in making the most out of innovation investments? Rethinking the innovation process itself.
Continue reading this piece by our Associate Partner, Philip Ryan, here.