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Casual Articles - Innovation Management - Innovation or Profit?
When should a company consider change management? Most would say when the management is unable to perform up to the optimum level that is required to maintain shareholders' equity and quarterly profits. But when it comes to leadership it is much more than that and to that point
d) Most successful innovations take time to bear
A Systems ApproachIn today’s business environment where change is constant, technology is cheap and skill shortages are commonplace, people are the key differentiator between those businesses that succeed and those that don’t. It is little wonder then that the
There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas.
There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.
Innovation or Profit?
Often the mission statement includes a nebulous goal to innovate, but the real goal is to make a profit:
a) Most innovations do not lead to profit.
b) Yes, you must always be flexible enough to innovate, but that requires a whole new set of strategies, competencies, resources, processes and networks. Only successful innovations will make this profitable.
c) Most successful innovations are incremental, not radical: moderately new to market, based on tried and tested technology, saved money, met customer needs and supported existing behaviours (Franklin, 2003). Most innovations are simply the result of identifying and solving problems and most leaps are the result of cumulative periods of consecutive problem solving.
d) Most successful innovations take time to bear f
Millions of Americans are small business owners, while millions more have second income streams from home-based businesses. Still others work remotely, or telecommute, at least part-time. Over the past decade, I've had the opportunity to do all three. Although attitudes have chang
There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.
Innovation or Profit?
Often the mission statement includes a nebulous goal to innovate, but the real goal is to make a profit:
a) Most innovations do not lead to profit.
b) Yes, you must always be flexible enough to innovate, but that requires a whole new set of strategies, competencies, resources, processes and networks. Only successful innovations will make this profitable.
c) Most successful innovations are incremental, not radical: moderately new to market, based on tried and tested technology, saved money, met customer needs and supported existing behaviours (Franklin, 2003). Most innovations are simply the result of identifying and solving problems and most leaps are the result of cumulative periods of consecutive problem solving.
d) Most successful innovations take time to bear
Do you work day in and day out, knowing you will have to punch out on the clock just to eat lunch??At the end of your work week are you satisfied or do you feel like you have accomplished nothing?? Let's be quite honest with each other who in their right mind enjoys workin
Innovation or Profit?
Often the mission statement includes a nebulous goal to innovate, but the real goal is to make a profit:
a) Most innovations do not lead to profit.
b) Yes, you must always be flexible enough to innovate, but that requires a whole new set of strategies, competencies, resources, processes and networks. Only successful innovations will make this profitable.
c) Most successful innovations are incremental, not radical: moderately new to market, based on tried and tested technology, saved money, met customer needs and supported existing behaviours (Franklin, 2003). Most innovations are simply the result of identifying and solving problems and most leaps are the result of cumulative periods of consecutive problem solving.
d) Most successful innovations take time to bear
So you've got your drawings and design, your permits in hand, a pile of money lined up, your Contractor(s) reviewed and selected, and a gleam in your eye. Well, hang on! The most important step is yet to come before one nail hits the job. Now you have to decide how well you are go
b) Yes, you must always be flexible enough to innovate, but that requires a whole new set of strategies, competencies, resources, processes and networks. Only successful innovations will make this profitable.
c) Most successful innovations are incremental, not radical: moderately new to market, based on tried and tested technology, saved money, met customer needs and supported existing behaviours (Franklin, 2003). Most innovations are simply the result of identifying and solving problems and most leaps are the result of cumulative periods of consecutive problem solving.
d) Most successful innovations take time to bear
I am a former American Express employee. I worked for the company for eleven years, from 1990 to 2001. I then returned last year for a very short stint (about two months-couldn’t handle it- they hired me for collections!) I will certainly never bash them or bad-mouth them. They ar
d) Most successful innovations take time to bear fruit – at least a few years, too long for impact in the annual accounts.
These and other topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com/
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Kal Bishop, MBA
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