Companies whose sales growth outpaces those of their rivals, tend to do it on the back of a powerful innovation story. There exist four levers, using which the managerial focus towards business innovation may be intensified. To start off, the right talent recruitment needs to be done on the people who can curate and then execute such innovations. Prudent risk- taking needs to be encouraged. The innovation practices developed, need to be in conjunction with what the customers are seeking. The incentives and metrics in the organization need to be streamlined along with the entire innovation activity. The likes of Amazon, 3M and Starbucks have been some of the leading companies to have adopted such practices, and forged ahead of their competitors.

Source:https://sloanreview.mit.edu/article/grow-faster-by-changing-your-innovation-narrative/?social_token=a86168979a96dacaf020226884dd01fd&utm_source=twitter&utm_medium=social&utm_campaign=sm-direct

Uploaded Date:25 January 2019