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Innovation is the systematic practice of developing and marketing new products, services, processes, and business models for customers.
Successful innovation increases value and drives growth. However, getting innovation right can be challenging. Over 80 percent of executives surveyed say that innovation is one of their top three priorities, yet less than 10 percent are satisfied with their innovation performance.
Companies that use the essentials of innovation see a substantial performance edge.
Mastering innovation can generate economic profit 2.4 times higher than other players.
Research shows eight critical elements organisations should master for superior innovation performance.
Steps to help aspiring innovators get started:
The way to get to good ideas is to get lots of ideas and throw the bad ones away.
An innovation portfolio is a thoughtfully curated collection of potential initiatives, with clear aspirations and resources defined for each.
The portfolio will help to find new opportunities and determine the appropriate number of initiatives, including:
Innovation is a team sport and consists of ten traits that fall into four main categories:
A recent poll showed that 85 percent of executives say fear is holding their organisation back from innovative efforts.
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