5    Benchmarking innovationmanagement for best practice

Time is the greatest innovator

Francis Bacon (1561–1626)

5.1  How well do managers understand innovation?

This question is perhaps a legitimate one to ask. Despite the thousands of publications, research studies, books and reports that have been written on innovation, there are still big differences in the levels of understanding among companies on managing innovation and the activities surrounding it.

Innovation has always been understood in terms of technologies, products and services offered. Companies’ efforts have always been to optimize various features of products and services and to develop and use relevant technologies for establishing competitive advantage. These efforts can ...

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