Want An Innovative Company? Build An Effective Innovation Strategy

Abstract

There is growing interest in the global marketplace on innovation. For example, Tesla dominates Electric Vehicle (EV) sales but is losing market share to more affordable EVs from competitors, including Ford and Hyundai. A recent Forbes article captures the innovative momentum today, “With the rapid pace of technology, innovation is making SpaceX moon voyages and other grandiose concepts that seem to be part real or part science fiction.” If possible, organizations should always look for new innovations so that they can remain competitive. Recent critical findings suggest that the pressure to innovate exists not only to create but also to cut costs and right size. The mystery of how to reduce staff, cut costs, and right size remains a myth. Employees and leaders in these organizations strongly believe in the power of this innovation strategy to better manage their organizational knowledge but by doing so they feel that they may be usurped. To effectively implement an effective innovation strategy, inquisitive minds and continuous improvement have to be the organizational mantra.