Reflecting the growing trend of companies searching beyond the boundaries of the firm for innovative ideas, British Petroleum hired innovation intermediary InnoCentive to broadcast an appeal for new ways to help contain the disastrous Gulf oil spill. BP received 1000 ideas… and used none. More and more companies are using intermediaries such as InnoCentive to […]
Read More… from How to Choose the Right Innovation Intermediary
Creativity is generating creative ideas. Innovation is successfully implementing creative ideas. Past researchers have connected creators to implementation by looking at such factors as network position: if creators have the right network, they have a greater chance of getting their ideas implemented. In his recent research, Stanford’s Justin Berg highlights another important factor in the […]
An organization’s activities can be divided between exploitation — the day-to-day operations of the organization as well as strategic planning and implementation — and exploration — acquiring and using new knowledge, ideas and insights, which can lead to new products, new technologies, or new markets. Previous research has shown that social capital — the breadth and […]
Read More… from Innovation and the Pros and Cons of Close Personal Relationships
When research-based companies hire new scientists to join their research teams, they are looking for two benefits. The first benefit involves output: what the new scientist can produce. This direct, individual benefit is accompanied by more indirect, organizational benefits — for example, the new scientist might boost the productivity of other colleagues through new knowledge, […]
Read More… from Learning by Hiring: The Challenge of Teaching Entrenched Incumbents
Companies have both short-term and long-term responsibilities: they must be successful in the present while preparing for the future. While many companies believe they are managing these two priorities effectively, in truth, the urgency of the exploiting the present — launching marketing campaigns, resolving customer service issues or managing the supply chain, for example — […]
Read More… from Build Ambidextrous Teams to Combine Present and Future Objectives
Whether developing new products or services, refining internal processes, or creating disruptive business models, innovation is the key to sustained competitive advantage. Many companies, however, are unable to meet their innovation goals. In a recent Center for Creative Leadership white paper, authors David Magellan Horth and Jonathan Vehar cite a survey of 500 leaders in […]
Read More… from Innovation Leaders Turn Creative Ideas Into Action
Google was famous for its 20% free innovation time policy. Google employees were allowed to spend 20% of their time in the office to pursue any personal interests and ideas that could lead to new products or revenue sources for Google. Aside from this mandate, employees were unfettered by deadlines and goals. Instead, they were […]
Read More… from Why Slack Time Is Important for Innovation: It’s Not What You Think
How can companies that sell experiential products and services design an experience that leaves customers with highly satisfactory memories — and the desire to return? A team of researchers from UCLA’s Anderson School of Management developed a mathematical model for optimal customer experiences based on two variables: sequence and duration. In manipulating the sequence and duration […]
Read More… from Designing Experiential Services So Customers Remember the Best Parts
Two schools of thought exist on the best source of innovation. The foundational school argues that a deep, expert knowledge of the domain is required to unlock new pathways. Only someone with a complete immersion in the topic is going to discover the breakthrough innovation in that topic. The tension school argues that a diversity […]
Read More… from Broad Knowledge or Narrow Expertise: What Works Best for Innovation?
The traditional wisdom declares that companies that have their sights on export markets must first become innovators in their domestic markets. Innovation will give them the competitive advantage required to succeed in export markets. Another theory, however, argues for a relationship in the other direction. In other words, in addition to innovation leading to exporting, […]
Read More… from Innovation is Key to Exporting Success for SMEs
