Innovation labs, technology scouting outposts, and accelerator programs to invest in startups have become ubiquitous in large companies, as have regularly-scheduled hackathons or idea challenges that invite employees to develop and pitch new ideas. Yet, in some companies, all of that activity adds up to nothing more than “innovation theater.” In others, it actually yields a stream of internal improvements; new products and services; experiments with different business models; and investments in fledgling companies that are connecting with new customer segments.
What Companies That Are Good at Innovation Get Right
They have patience and leaders who take the long view.
November 29, 2019
Summary.
Employees at companies that are model innovators are acutely aware of the demand for near-term results and feel the same pressure that employees at less successful companies feel. But overall, they are significantly more confident that their company had developed a viable innovation strategy and is dedicating sufficient resources to support it. This confidence springs from how they envision and enact their strategy over the long-term. They have more patience, and often have leaders who take the long view.
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New!
HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.