The goal is true innovation – breakthrough new products, services and solutions – that create tomorrow’s growth engines. But most companies are stuck in traditional development: line extensions, modifications and improvements, which won’t generate the desired sales and profits. InnovationManagement asked Dr Robert Cooper about the importance of innovation.
Everybody is talking about innovation and how important it is. Do you agree – is it really that important, and why is that?
– Most companies have ambitious growth goals. The trouble is there are only so many sources of growth. Four of these – market growth, market share increases, new markets, and acquisitions – are proving difficult or expensive. Markets in many countries and industries are flat and increasingly commoditized; gains in market shares are expensive; and acquisitions often don’t work. New markets – India and China, for example – pose special problems. Even traditional product development – for most companies, this means line extensions, improvements and product modifications – seems depleted, and only serves to maintain market share.
To read the full, original article click on this link: True Innovation – The Key to Success | InnovationManagement
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