Five Traits of Truly Innovative Companies
Sept. 27, 2018
When most people think about innovation, they think of companies like Amazon, Facebook, Apple, and Google because those companies appear to have some kind of magic that other organizations lack. If your company wants to make lightning strike repeatedly, consider these points.
Most companies consider themselves "innovative" whether they are disrupting a market, maintaining the status quo, or dying on the vine. While most individuals tend to think of innovation as synonymous with disruption, incremental innovation can also drive billions of dollars in revenue.
Some organizations have mastered the process of innovation because they realize innovation involves more than just a bright idea. Those ideas need to be rooted in fertile ground, which includes the ability to execute, the agility to adapt as conditions change, and a confluence of external factors such as market readiness and a critical mass of supporting infrastructure.
"Disruption happens when small, nimble companies challenge incumbents with technology," said Conrad Burke, vice president of New Ventures at Intellectual Ventures and head of ISF Incubator, an incubator and accelerator within Intellectual Ventures, which creates and licenses intellectual property (IP). "Timing is everything. You have to be able to execute well and quickly because things can change rapidly."
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