Innovation by Execution

In a recently published book, The Other Side of Innovation: Solving the Execution Challenge, authors Vijay Govindarajan and Chris Trimble of the Tuck School of Business at Dartmouth College explore an oft overlooked aspect of innovation; the execution of ideas.  When people think of innovation they often think of light-bulb moments in which new and creative ideas spring forth from the ether.  However, after working with over a quarter of Fortune 500 companies, the authors repeatedly found that a barrier to successful innovation was not a lack of creative ideas, but a lack of ability to execute those initiatives.

In order to best facilitate this execution Govindarajan and Trimble argue that companies should convene ‘dedicated innovation machines.’  Putting the proper execution of these ideas into context, the authors argue that “The only way to stay profitable- or in some cases, even to survive- is to innovate.”

Posted by: Michael Darden

Sources: The Economist, The Tuck School of Business

Photo Credit: Luminous Idea courtesy of flickr user Tiageo Daniel

Addressing the Innovation Gap

According to a presentation by Robert Atkinson, President of the Information Technology & Innovation Foundation (ITIF), the United States is now ranked sixth out of forty countries in innovation-based competititveness.  In order to better understand this report, Ideas in Action with Jim Glassman invited three experts to discuss the implications of these findings and ways to reignite the American innovation machine in a program entitled, “Is America Suffering an Innovation Gap?“

During the discussion Atkinson argued that in order to overcome this innovation gap, America needs to “focus laser-like on science, technology, engineering, and mathematics (STEM) education.”  Michael Mandel, Editor-In-Chief of Visible Economy LLC, stressed that incremental innovations seen in some sectors of the economy will not be enough to drive economic growth.  Sheryl Schwartz, Chief Operating Officer of Blue Canopy Consulting, cited a number of examples of private sector programs which have bolstered innovation.  While Schwartz struck a more optimistic tone, she also urged the federal government to incentivize innovation and “set bold goals.”

Posted by: Monica Schager

Sources: The Information Technology & Innovation Foundation, Ideas in Action with Jim Glassman

Photo Credit: Ideas in Action with Jim Glassman