Find the right innovation model
Innovation is a much-used buzzword these days, but when it comes to
creating and implementing a new idea, many companies miss the
mark--plans backfire, consumer preferences shift, or tried-and-true
practices fail to work in a new context. So is innovation just a
low-odds crapshoot?
In The Architecture of Innovation, Harvard Business School professor
Josh Lerner--one of the foremost experts on how innovation works--says
innovation can be understood and managed. The key to success?
Incentives.
Fortunately, new research has shed light on the role incentives can play
in promoting new ideas, but these findings have been absent from
innovation literature--until now. By using the principles of
organizational economics, Lerner explains how companies can set the
right incentives and time horizons for investments and create a robust
innovation infrastructure in the process.
Drawing from years of experience studying and advising companies,
venture capital firms, and an assortment of governments around the
globe, Lerner looks to corporate labs and start-ups, and argues that the
best elements of both can be found in hybrid models for innovation.
While doing so, he uses a wide range of industry-rich examples to show
how these models work and how you can put them into practice in your own
organization.
Practical and thought-provoking, The Architecture of Innovation is the
missing blueprint for any company looking to strengthen its innovation
competence.
