The following articles are the Top 3 Innovation Insights this week with a brief snapshot summary of their strategic importance to your firm:
Snapshot: In one of the most brilliant summaries about how a Fortune 500 company can defy the momentum of digital Darwinism, Cisco originally published an Innovation Blog in October that graphically illustrates a systematic strategy to innovate. The 5 Pillars of Cisco’s New Innovation Engine are: Build, Buy, Partner, Invest and Co-Develop. Read the full article here on Forbes.
Strategic Impact: Whether your team is just launching an innovation strategy or seeking to improve upon your existing roadmap, the 5 Pillars present a blueprint that any team can use to chart a course for innovation.
2) What Research Tells Us About Creativity and Innovation (Harvard Business Review)Snapshot: Innovation is a 2-stage process. Creativity is the first stage (idea generation). Implementing the ideas is the second stage and often the most difficult. Despite the number of years spent on researching both areas, there is no fail-safe formula for success that leaders can follow. What researchers have made clear is that focusing too much on creativity can hinder innovation and vice versa. Individual skills and team structures differ for each. Researchers have confirmed a handful of factors that do contribute to an innovative culture such as a compelling vision, a cohesive team and a few other factors. Read the full article here on Harvard Business Review.
Strategic Impact: Leaders need to make a distinction between creativity and innovation when seeking to foster an innovative culture across all levels of an organization. Professionals are not necessarily born with either or both attributes. By carefully architecting a balance of individual core competencies with an optimized team structure, a leader can foster either creativity or innovation, yet not both at the same time.
3) Patents: The Mother of All Innovation Challenges (Forbes)
Snapshot: Many entrepreneurs and innovators are not aware that the very nature and livelihood of American innovation is affected by how the patent system works. Research has shown that patented intellectual property garners a premium for gross margin and market share – as much as 50% higher. The author presents 3 strategies for innovating in a way that can optimize the ROI of your patents. Read the full article here on Forbes.Strategic Impact: Many companies struggle to innovate new products and services in a regular cadence to foster business growth. According to PWC, half of all firms are “marginally effective” at idea generation and commercialization. Peter Holden, President of ipCreate, presents 3 strategies for innovating in a way that will optimize the ROI of the intellectual property that your company is seeking to patent. Following his process will allow your company to develop innovations that will a) fit your business strategy and market focus; b) create higher value products and services and c) enable you to develop an intellectual property strategy for the future.
Are there other articles you’ve read recently that you would consider highlighting?
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[Ed Valdez is Vice President of Global Business Strategy at G51.]