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Are You Ready to Get Creative?

by Strategy & Business | Oct 08, 2014   ()

What makes companies ready for successful innovation? We know it’s not the size of their R&D budgets, even relative to their revenues. Since 2005, the annual Strategy& Innovation 1000 studies have examined which companies spend the most on R&D and which firms have the most success with it. The conclusion, year after year, has been the same: There is no correlation between innovation spend and business performance.

If it isn’t spending that leads to success, there must be other qualities that distinguish truly innovative companies. Successful business projects often start with someone having a great idea (the proverbial bolt of lightning), but not all great ideas come to fruition. Companies need to be set up to encourage, recognize, support, and implement great ideas if they want them to succeed in the market.

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Source: Strategy & Business

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