Smarter Ways to Bridge the Innovation Gap
The Irish Times posted an article which noted that innovation is an essential element for business development and success, but many innovations fail. The key reasons for such failures, according to Prof Oliver Gassmann – a leader in the area of open innovation – include overengineering, poor timing and inadequate business models.By learning to avoid such failures, companies can learn how to successfully leverage innovation which will enable them to out-innovate their competitors. The key success factors for innovation include an open culture, adequate processes and instruments and a clear focus. Excellence is achieved by not only addressing new products based on new technologies, but also by business model innovation. Companies should open up the innovation process to include their customers, suppliers and non-suppliers and look outside their own industry.
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