Historically, innovation was equated by most supervisors mainly with the development of new technologies and new products. But innovation is viewed as applying to the development of new service offerings, business models, pricing strategies and routes to market, along with new management practices. There's now a greater acknowledgement that innovative ideas can transform any portion of the value chain -and that products and services represent only the tip of the innovation iceberg. This shift of focus has consequences for who "possesses"innovation. It used to be the preserve of a select group of employees -be they designers, scientists or engineers -whose responsibility it was to create and pursue new ideas, generally in another location.
But innovation has come to be viewed as the duty of the whole organization. For many large businesses, in reality, the new imperative will be to view innovation as an "all the time, everywhere"capacity that uses the skills and imagination of workers at all levels. Making initiation everybody's job is intuitively appealing but quite hard to achieve, but a lot of businesses have tried -and almost all believe that is it is essential to continue striving. To understand these challenges, and to identify the innovation practices that work, the writers spent three years analyzing the procedure for initiation in 13 firms that were global. Some surprises were uncovered also, although many of the standard arguments for how to encourage innovation in large organizations were supported. In this article the authors concentrate on the essential insights that emerged from their research, organized around five haunting "myths"that continue to haunt the innovation efforts of many firms. The five myths are: (1) The Eureka Moment; (2) Built It and They Will Come; (3) Open Innovation Is the Future; (4) Pay Is Paramount; and, (5) Bottom Up Initiation Is Finest.
The 5 Myths of Innovation case solution
PUBLICATION DATE: January 01, 2011 PRODUCT #: SMR376-PDF-ENG
This is just an excerpt. This case is about INNOVATION & ENTREPRENEURSHIP
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