Jeneanne Rae at BusinessWeek finds Idea management admirable but doesn’t find it the driver for real innovation.¬ Too often it’s used as the easiest way for management to say they’re collected thoughts and visions for new innovation.
Don’t Look to New Ideas for Growth – BusinessWeek – Jeneanne Rae
“Idea management” is fine, but it shouldn’t be the starting place for innovation
The main reasons for ideal management not being the key to growth and innovation include:
- Too many (ideas) to manage;
- Random ideas are not strategic; and
- The quest for new growth platforms remains elusive.
One of the examples she gives of creating a new growth platform is Apple’s iPod.¬ Apple accomplished this feat with an R&D budget one-tenth the size of Microsoft’s during a period of otherwise flat industry performance.
Where nothing existed in this company formerly known for user-friendly PCs, Apple created something completely new that involved hardware, software, services, and accessories. A recent study by Kaiser Associates said the iPodÄîalong with other Apple products affected by its haloÄîcreated $70 billion in shareholder value in just three years.
Jeneanne provides some guidelines for looking for growth and innovation:
- Don’t start with ideas;
- An innovation agenda is key;
- Great ideas require insights;
- Visualization is the primary communication tool.
The bottom line is that great companies use a systemic approach to innovation that involves a defined process and operating model. They also have a keen awareness of the market, appropriate tools, and significant know-how.
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