Innovation is the Means, Not an End in Itself

Innovation is crucial to business growth and success, as top innovators outperform other companies by 2.6 times in sales growth and 2.5 times in operating income growth. However, many innovation attempts fail due to organizations missing the big picture and focusing too much on individual ideas instead of refining and validating them for maximum value. Innovation is simply about finding new ways to create value and capture some of that value for yourself. There isn't a single right way to approach innovation, as different companies have found success by focusing on customer-driven innovation or basic research, and you need to pick the right approach that aligns with your strategic goals. To succeed in innovation, you need to have the right tools, skills, resources, organizational structure, and culture that enable you to use innovation as a tool to drive business results.