Offsetting the Risks of Innovation
Published 12/3/2008
Author: Jorge Aguilar and Kevin O’Donnell
Jorge Aguilar is an Engagement Manager, and Kevin O’Donnell, a Senior Partner, with Prophet, a leading global consultancy specializing in helping Fortune 500 clients and their senior executives more effectively use brand, marketing, and innovation to drive profitable growth.
Summary
To spur better innovation and achieve optimal rewards you will need to have a more expansive view of innovation risk and how to manage it, a view that is grounded in more than merely the financial resources being put at stake to achieve success.
It should balance ongoing business activities and growth initiatives, and provide the attention and resources each requires. It should incorporate cultural issues — how well is failure tolerated or even celebrated, or does it put careers at stake? And it should reflect management expectations, for those businesses that explicitly commit to innovation are also committing a reputation for continuous change and revitalization.
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