A cost‐effective way to innovate: Products, portfolios and principles

Abstract

Purpose

This article aims to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies.

Design/methodology/approach

The briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Think innovation and to many firms it is high cost and even higher risk that pays off infrequently at best. Indeed, the record books show that far more ideas end up on the scrapheap than lead to commercial success. With failure seemingly almost inevitable, why do companies invest so much into striving for those game‐changing breakthroughs? Essentially, they have no choice. Faced with tough competition on an increasingly global scale, organizations which give innovation activities a wide berth will invariably end up among the also‐rans.

Practical implications

The article provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.

Citation

(2011), "A cost‐effective way to innovate: Products, portfolios and principles", Strategic Direction, Vol. 27 No. 11, pp. 25-29. https://doi.org/10.1108/02580541111177539