Rotman Management

Setting the Course for Your Innovation Journey

MANY WELL-ESTABLISHED COMPANIES KNOW that innovation is critical but have only just begun to test the waters. Others have set sail and are learning to navigate. The most advanced are mid-voyage, deep into their quest. Wherever they are on their journey, companies that are especially good at cultivating innovation don’t view it as a task or a project with a set goal. Instead, they envision a permanent state of evolution and exploration.

Working with Dynata, a leading data provider, we recently surveyed more than 1,200 executives actively engaged in innovation. Our overall finding: Experienced innovators grew their market capitalization at a five-year compound annual rate of 9.5%, compared with just 0.5% for those with the least experience.

One of the survey’s most striking findings was the clear value of pursuing a variety of approaches to innovation. While corporate strategy often benefits from focus, the process of innovation requires making multiple bets. Experienced innovators in our survey employ a variety of approaches to generate innovation, averaging 4.4 different tactics each — compared with 2.8 tactics for the companies least experienced at innovation.

The portfolio of approaches

Anda sedang membaca pratinjau, daftarlah untuk membaca selengkapnya.

Lainnya dari Rotman Management

Rotman Management6 mnt membaca
How to Disrupt Yourself
Your latest book is all about disruption from within an organization. What does it mean to ‘disrupt it yourself’? ‘Disrupt it Yourself’ is a play on the traditional DIY, or do it yourself. It underlines the importance of not waiting for others to sol
Rotman Management10 mnt membaca
Disruptive Leadership: The Amazon Management System
MANAGEMENT ISN’T WHAT IT USED TO BE. And that just might be the understatement of the century. Every single executive, entrepreneur, manager and employee out there — without exception — must recognize that the century-old traditional management syste
Rotman Management6 mnt membacaPsychology
How AI Amplifies Human Competencies
Not everyone is on board with AI and machine learning. None other than Elon Musk has suggested that it might lead to World War III. What is your take on the situation? You’re absolutely right that there is a huge amount of alarmism and ‘automation an