CHAPTER 4Innovation: A Fundamental Strategic Choice
The fourth component of the strategic playbook is innovation. The choice to innovate and how you innovate are strategic choices.
Choose whether your innovation will drive new products, next version of existing products, or higher prices—most likely in design- or service-focused organizations or drive down your production or delivery costs.
Full disclosure: This chapter is not like the others. Neither it nor innovation travels in a straight line. It's a curation of several of George's articles on innovation and creativity. Some will love this. Some will hate it. If you find yourself hating it, feel free to move on to the next chapter.
With that said, the flow of this chapter moves from overall tips to innovation strategies to creativity to systems. Take these innovation tips and strategies into consideration as you build out your strategic, commercial, operational, and financial plans and drive success with your mergers and acquisitions (M&A) or private equity (PE) deal.
Innovation Tips
The holy grail of innovation is the moment of sudden breakthrough. But those moments don't happen in vacuums. As suggested by some of the top names in business at the 2013 C2-MTL conference in Montreal, you must (1) prepare in advance, (2) focus on solving problems, and (3) follow through to turn ideas into reality and stay ahead of your ...
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