The 7 Fundamentals for Succeeding in Innovation

The 7 Fundamentals for Succeeding in Innovation

Innovation is important but difficult to achieve. The author of this article outlines the 7 fundamentals for succeeding in innovation. The first fundamental suggests that innovation is a strategic endeavor and should be guided by strategy while being used to shape future strategies. The second fundamental highlights that innovation is a resource allocation problem and solutions should be implemented well enough to live up to their potential. Third, innovation needs to be managed effectively although managers do not need to control everything. Fourth, innovation must be both top-down and bottom-up in approach. Fifth, innovation is ultimately about creating value, and technological advancements are merely a tool for solving problems. Sixth, hard work and persistence in innovation are essential for success. Finally, innovation is all about continuous learning, and every employee must be curious and continuously learning to create an innovative organization.

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