Marc J Epstein

There is a dire need for a fresh look at innovation.

Contrary to popular belief, the authors assert, much of what is held as common wisdom regarding how innovation is managed is wrong. Tony Davila, a faculty member of Stanford's Graduate School of Business, Marc Epstein, a research professor at Rice University's School of Management, and Robert Shelton, managing director of Navigant Consulting's Innovation practice write that contrary to popular belief, innovation:

• Does not require a revolution.
• Is not alchemy
• Does not require a “creative” culture.
• Is not solely about processes and stage-gate tools.
• Does not focus exclusively on new technology.
• Is not needed in copious quantities.

The authors write that innovation, like many business functions, is a management process that requires tools, rules and discipline. It needs to be measured and promoted if sustained, high yields are going to be delivered. It is a necessary ingredient to safeguard an organization’s tangible and intangible assets. In short, it is a vital and must be managed.

To do so, the book identifies seven rules:

1. Strong leadership encourages value creation.
2. Innovation is a vital part of an organization’s mentality.
3. Innovation matches the organization’s business strategy.
4. Creativity and value creation are balanced.
5. Seek to neutralize forces that discourage good ideas.
6. Networks, not individuals, are the building blocks of innovation.
7. Metrics and rewards make innovation manageable.

Execution of innovation is not difficult, the authors conclude. It is similar to other management activities, such as manufacturing or financial control. There are no secret formulas. This book replaces the myths and half-truths with clear and concise thinking on how to manage and execute innovation.… (mehr)