September 8, 2010 Leave a comment
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