Developing a powerful innovation capability is no easy task. PwC’s strategy consulting team Strategy&’s innovation practice has demonstrated again and again, in its annual Global Innovation 1000 research, that there is no correlation between the amount of money a company spends on research and development and its overall financial results. Instead, success depends on a variety of factors, including a company’s openness to new ideas, its ability to manage innovation projects from conception to market introduction, to kill projects early on, if necessary, and to tie new-product development tightly to specific sales, marketing and financial goals.