Despite the noise around new forms of innovation many companies are not getting the results that matter – new products and highly scaled markets. Rob Shelton and John Riggs of PRTM look at how to really power up growth.
Not so long ago, internal R&D activities were considered one of the most valuable assets a company could have. The rather “outmoded” concept of closed innovation, in contrast to open innovation, was built on self-reliance and on the principle that successful innovation required control and secrecy.
“There are no quick fixes and no easy answers for succeeding at innovation” says Dr Robert Cooper, senior consultant to Fortune 500 firms and top scholar in the field of innovation management (PDMA) in an interview with InnovationManagement. “It’s back to basics – an aggressive innovation strategy that focuses your businesses’ R&D efforts; effective portfolio manage to pick tomorrow’s growth engines; a climate and culture that fosters innovation in your business; and a robust idea-to-launch system.”
According to disruptive innovation theory, companies have the best chance of creating new growth through the introduction of disruptive innovations in the market. But what is it and how can firms be disruptive? And why do they fail to be disruptive? Learn more about disruptive innovation in this article by Gunjan Bhardwaj, head of Ernst & Young´s Global Business Performance Think-tank.