BOOK_CONTENT
From Value Innovation Portfolio Management: Achieving Double-Digit Growth Through Customer Value

OVERVIEW

"Anything that won't sell, I don't want to invent. Its sale is proof of utility, and utility is success." Thomas Edison

Innovation is a hot topic. There are innovation Weblogs, books published by the hundreds each year, countless articles in business journals, and a separate section of BusinessWeek Online devoted solely to innovation.

What makes innovation the focus of so much attention? Most executives feel at a gut level that innovation somehow connects integrally with their companies' ability to excel in a chosen market and that selecting the most innovative products for their portfolios will bring success. Yet some companies encourage innovation so vigorously that they find themselves in the technology-in-search-of-a-customer quagmire: creating bell-and-whistle technologies without discerning whether the technologies solve a problem. They push innovation, but can't answer the question What is innovation? or the follow-up, What does it have to do with success?

What makes an idea a moment of cognition in a human being's mind worth pursuing as an innovation? Many senior executives will tell you they suffer no shortage of ideas. (Tom Luin, business transformation architect at IBM, told us: "Facetiously, I'll say, We've got too many ideas. And then I'll come back and I'll say, not facetiously, very emphatically, We have too many ideas. ") What companies often lack is the ability to tell which ideas will become profitable new enterprises. An idea, even a fantastic, completely original, earth-shatteringly brilliant one, becomes a candidate for innovation only when it becomes an attractive opportunity that is,...

Copyright Sheila Mello 2006 under license agreement with Books24x7

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Topics of Interest

WHAT IS INNOVATION? Innovation is defined as the act of introducing something new. [1] Innovation for a business enterprise is the introduction of new products, services, or practices that yield...

"To invent you need a good imagination and a pile of junk." Thomas Alva Edison , American inventor named on 1,093 patents, 1847 1931 OVERVIEW It is challenging to decipher the difference between the...

Chapter written by M lissa SAADOUN and Lin YANNING. 5.1. Introduction A successful innovation usually has little to do with the originality of the idea behind it. What it does depend on, and...

WHAT MAKES INNOVATION SUCCESSFUL? The road to deliver innovation to the marketplace has traditionally been a rocky one. For every successful disruptive innovation, thousands never see the light of...

Innovation is more than generating novel ideas and products. It is about creating good, profitably producible, highly marketable products, and doing so on a consistent basis. That's the innovation...

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