Innovation is very close to my heart. Innovation is the new engine of growth for every business, big and small. It is hard to tell when is the right time to innovate, but i personally feel that innovation will be here to stay and is a core competency for company that wants to survive.

Innovation requires entrepreneurship. without entrepreneurship, innovation cannot thrive in organization; especially in organization. It will just become another R&D nice to have, process transformation that fail to take off, sucession planning that is not successful, failure to launch products, and many more. Innovation if not being laboured entrepreneurially, will fail indefinitely. Innovation is like kung fu, and kung fu means “hard work”.

The following article is about the 5 Myths of Innovation. You will find the article illustrate many examples on how others have used and experienced innovation activities first hand. while the examples given involve primarily large company (because it is easier to get data from them!), to my opinion even small companies also need to pay attention to this myth. Simply because small companies have less resources and less money to go to waste. When have with less money, we need to be creative, we need to hit it right the first time, and we need to spend time on our activities.

The myths will help you see how it has affected someone else in other companies, but by no means you will experience the same outcome in your company. nevertheless, i am sure you will know what is the obvious that you dont need to follow and what is grounded principles that can be recycled and reused by anyone; including you.

“Entrepreneurs innovate!” – Peter Drucker, Innovation and Entrepreneurship

 
The 5 Myths of Innovation – The Magazine – MIT Sloan Management Review
via The 5 Myths of Innovation – The Magazine – MIT Sloan Management Review.