Managing Innovation, Design and Creativity

Appendix B. Innovation – achievements, realisations and next challenges

Below are insights from the Third Innovation Best Practice and Future Challenges Report (von Stamm, 2006) on what companies on their innovation journey have achieved to date, some realisations and what the next challenges for innovators are.

Achievements and realisations

• Innovation is firmly on the agenda – the Boston Consulting Group found that 87% of senior executives that participated in their 2005 survey believe innovation essential to success, and 74% report increased spending on innovation (that 51% are dissatisfied with innovation results is another matter).

• Establishing an innovation strategy – most participating organisations have embraced the necessity of developing an innovation strategy to guide their organisation's innovation activities; however, there is still widespread uncertainty of what exactly an innovation strategy is and looks like.

• Overall realisation of the importance of leadership – together with the realisation that innovation needs a holistic, culture-based approach goes the increasing awareness that the right kind of leadership is absolutely paramount to creating an innovative organisation (again, emphasised in the 2006 IMB CEO study).

• Heavyweights lead the way – whereas a few years ago the task of investigating what is required to become more innovative would have been given to a fairly junior person, it is now firmly in the hands of experienced, respected and multifaceted senior people. ...