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Fred Cohen, PhD
Principal Consulting Analyst
At TechVision Research, we believe there is a fundamental requirement for greater innovation to maintain (or establish) business relevancy for in the modern enterprise. But this is often difficult in large organizations as they are innately risk averse. This difficulty leads to a slower adoption of change and a culture that is resistant to innovation. But failure to innovate can lead to stagnation and ultimately obsolescence that may be unrecoverable.
This report discusses strategies for innovation that remove the barriers to productivity without introducing undue risk to the larger enterprise. Of course there is no one size fits all solution, so we describe a framework for evaluating which innovation strategies are more likely to be appropriate in different circumstances. We also describe investment strategies that model appropriate innovation investment based on the willingness to accommodate risk, the appetite for change, and the corporate culture in play.
Accelerating innovation is best done using a systematic approach, starting with a board-level decision about the strategic intent and value. Budget follows this understanding and top-level buy-in, and a mixed strategy is then developed. From there, execution involves instigating cultural changes and employing a mix of activities that are measured over time to achieve the goals and adapt as needed. We also describe basic guidelines for innovation investment that balance the disruptive value of innovation against current operational and business needs.