Practically every company innovates. But few do so in an orderly, reliable way. In far too many organizations, the big breakthroughs happen despite the company. Successful innovations typically follow invisible development paths and require acts of individual heroism or a heavy dose of serendipity. Successive efforts to jump-start innovation through, say, hack-a-thons, cash prizes for inventive concepts, and on-again, off-again task forces frequently prove fruitless. Great ideas remain captive in the heads of employees, innovation initiatives take way too long, and the ideas that are developed are not necessarily the best efforts or the best fit with strategic priorities.
Most executives will freely admit that their innovation engine doesn’t hum the way they would like it to. But turning sundry innovation efforts into a function that operates consistently and at scale feels like a monumental task. And in many cases it is, requiring new organizational structures, new hires, and substantial investment, as the “innovation factory” Procter & Gamble built in the early 2000s did. [Read more]
– http://wp.me/p4sUqu-10m – Michael’s Blog