Which two rules are the most important to successfully managing innovation?

Nov 4th, 2015
KateS
Category:
Management
Price: $10 USD

Question description

Of the seven innovation rules listed, which two rules are the most important to successfully managing innovation? Explain your answer. Looking for about 125 or so words.

  1. Exert strong leadership on the innovation strategy and portfolio decisions. Clear direction from the top of the organization permeates throughout the organization to motivate, support, and reward the activities that encourage innovation as well as the innovations themselves.
  2. Integrate innovation into the company's basic business mentality. Innovation is not a rabbit you pull from a hat on special occasions; it must be an integral part of the way a company operates every day.
  3. Align the amount and type of innovation to the company's business. Innovation may or may not be the key to success for your overall business strategy; you have to determine the types and amounts of innovation needed to support the business strategy—and more is not necessarily better.
  4. Manage the natural tension between creativity and value capture. A company needs strength in both. Creativity without the ability to translate it into profits (for example, execution and value capture) can be fun but it is unsustainable; profits without creativity is rewarding but only works in the short-term.
  5. Neutralize organizational antibodies. Innovation necessitates change, and change stimulates explicit routines and cultural norms that act to block or negate change.
  6. Recognize that the basic unit (or fundamental building block) of innovation is a network that includes people and knowledge both inside and outside the organization. A successful organization excels at fusing its internal resources with selected portions of the vast resources of the world's capitalist economy.
  7. Create the right metrics and rewards for innovation. People react to positive and negative stimuli, and your company's innovation is no exception. You will never achieve the level of innovation that you need if people do not have the proper rewards.

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