Reducing the Risk: Transforming Innovation into Profit

As companies begin to look beyond the latest global economic crisis, many are refocusing on growth and innovation has once again become a priority. The approach companies use to generate ideas and turn them into products and services has changed little since before the global economic crisis. In the past few years the core barriers to successful innovation haven’t changed, yet companies have made little progress in surmounting them. Many of the challenges such as finding the right talent, encouraging collaboration and risk taking, and organizing the innovation process from beginning to end are consistent across companies and industries. Many executives understand that innovation is very important, but their companies’ approach to it is often informal, and leaders lack confidence in their decisions. What strategies are the most successful companies employing to tap into new opportunities and overcome business barriers? When and how does a leader’s input have the most impact? When should management give employees the freedom to experiment? *Please note that there has been a speaker change *