A lot of products are bought but then surprisingly discarded. This happens at the individual level but even more surprisingly at the organization level. Organizations license external products and outside knowledge from business consulting or research firms in various methods. Some could be standard licenses, others partnership or embedded licenses, where a collaboration is forged between the provider and receiver. Partnership mode licenses work best when invested in cross-company teams. The success in implementation however, also depends on the inputs it receives from the top management. The top management’s role may not be to directly work on the innovation, but to at least be aware and provide the required stimulus. Business innovations may be implemented in either bottom-up or top-down models. The former is usually more common, but the latter can be more effective if the right support is received. Latest innovations if applicable do not need much internal marketing to become popular. Mere mentions by the CEO can trigger off its usage.

Source:https://knowledge.insead.edu/strategy/how-attention-from-top-managers-impacts-innovation-7801

Uploaded Date:18 January 2018