Innovation DNA: 1. innovation strategy <> business strategy. 2. Company-wide cultural support 3. Leadership <> Innovation 4. Contact End Users 5. Rigorous control of project selection early 6. Integrating 5 avove
To surf the wave of change, companies need to have a leadership embracing and promoting innovation as well as employees acting as “innovation agents.” Most of the time, people think money solves everything, but as the PwC report “2018 Global Innovation 1000 Study” states, “dedicating more funds to innovation will not automatically generate growth.” The report identifies six characteristics (referred to as the innovation DNA) that the most innovative companies—Microsoft, Apple, Volkswagen, and Samsung—have in common: 1. Close alignment of innovation strategy with business strategy. 2. Company-wide cultural support of innovation. 3. Leadership is closely involved with the innovation program. 4. Base innovation on direct insights from end-users. 5. Rigorous control of project selection early in the innovation process. 6. Integrating the five characteristics above together. Companies can copy that model and try to innovate like the best companies in the world. However, I have noticed this top-down strategy is not enough.
“2018 Global Innovation 1000 Study: What the Top Innovators Get Right”. October 29, 2018. Video, 2:36.
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