The increasing importance of Innovation


Interesting article in the New York Times: “Innovate, Yes, But Make it Practical”
http://www.nytimes.com/2010/08/15/business/15unboxed.html?_r=1&ref=business

Key messages include:

  • LinkedIn found that more than 700 people listed their current job title as “chief innovation officer” and that nearly 25,000 had the word “innovation” in their job title
  • Innovation Managers are now senior executives in major corporations. Indeed, many smart companies now have VP-level Open Innovation Managers
  • These senior leaders need unfettered access to all parts of the organisation to be effective
  • Internal venture funds are essential for successful execution of Innovation activities
  • Innovation is certainly possible in the services industries e.g. Banking and finance
  • Customer-centricity is paramount
  • Incubating ideas that deliver scale is powerful

Thoughts:

  • Does your organisation need a VP for Innovation?
  • Indeed, should you have a VP for Open Innovation?
  • How are you breaking down barriers to allow “unfettered access”?
  • Do you have sufficient focus on customer-centricity?
  • Have you set aside sufficient funds for “internal ventures”?
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Filed under Innovation, Open Innovation

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