January 12, 2017
How to Master the ABCs of Innovation
by Chunka Mui
Too few companies are being innovative about how they innovate. They are buying fish, not learning how to fish.
Innovation is an imperative. Fortune 500 CEOs cited dealing with the rapid pace of technological change as their “single biggest challenge.” Another global survey of board members and senior executives identified the speed of disruptive innovation as one of the highest risks facing their organizations.
Innovation is also the source of great opportunity. More than half of CEOs in a PWC global survey ranked R&D and innovation as generating the greatest return.
Yet, the intense attention on innovation often misses a key element. Many companies are paying attention to immediate challenges and opportunities, including six technological disruptions that might make or break many companies. In my experience, however, too few are being innovative in how they innovate. This is the difference between buying fish and learning how to fish.