(1) Start with a CEO who believes in, conveys optimism about, and
consistently commits resources to innovation. Add a chief innovation
officer who has as his/her number one priority spearheading, mentoring,
and leading the innovation effort. Develop a new products strategy and
technology portfolio. Implement a consumer-driven development
process.
(2) Next, mix in several dedicated and upbeat cross-functional new products
teams. Motivate them with a reward structure based on performance.
Add a set of values and norms for the organization to believe in and act
on.
(3) Simmer for approximately five years. Be sure to convey passion and stir
regularly. Watch carefully that the innovation mix does not burn and
keep the heat regulated. Assess success by using a previously developed
measurement system.
(4) Make sure you have already started a new batch before removing the
first one from the stove.
(5) Serves hundreds of thousands of shareholders, employees, and
customers. Enjoy!
Innovation is a key to gaining competitive advantage
Statements made by managers of Fortune 500 companies in a recent
Kuczmarski & Associates Inc. (K&A) study show an increasing reliance on
cost cutting as a means of achieving growth. Companies that are looking to
new products and services as a potential source of growth are focused