Innovation is not an inherent ability to only special people. you need to train people to become more innovative. But coming up with ideas is not enough. One needs to put process to genrate insight and thrash them together to create ideas, screen them and create"InnovationPipeline ".
In a bid to encourage innovation, companies pump in more money into R&D. There is no corelation between R&D spending and Innovation outcomes. Lets take an classical example. In 2007, Microsoft spent close to $7 on R&D. Yet Microsoft is not seen as an Innovator. It is a follower. It jut buys innovative companies . Take General Motor, Which has spent more money on R&D than any other company in U.S but struggling still.
Today,s world is marked by phenomena such as hypercompetition , rapid commditisation etc. Take Google, the largest media company today. Services are getting increasingly commoditised. Business models are becoming faster than before. So i think " What company need to do is come with a game chasing business model that is hard to replicate". Let me give u classic example of Airlines. When other airlines were bothering their heads over the quality of Ist class luxury seating and loyalty programs, new airline came in and turned this model on its head by introducing flights that " were not 10%cheaper , but 10 times cheaper. Recently Apple comp. changed its name to just Apple. Its wrong to think of Apple ipod product innovation. Its a business model innovation.
The last thing is really about fostering a culture and values conducive to innovation "putting in place everything else is pointless unless people see innovation as a tangible everyday value" Innovation is not an inherent ability available to only special people. You need to train people to become more innovative. Lets take an example of Whirlpool. This company has trained 30000 people in how to use innovative tools. It is an idea that is deeply embedded in the whirlpool system which has 600 innovation mentors and 25 innovation consultants.
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