Whitecap’s Innovation Series
Chief Executives and Chief Strategy Officers understand the value of innovation – it is perhaps the simplest route to a more profitable company and creates value in Intellectual Property.
If emerging competitors are threatening parts of your business, if technology or regulations are reshaping your company’s value chain, or if your competitors are experimenting with their approach to innovation, inaction is not an option.
Rather than enter the field simply to keep up with corporate fashion, however, companies should carefully consider the kind of innovation they wish to source and match it with the appropriate innovation strategy and tools. That requires companies to clearly define their innovation goals. Each company will have unique and specific needs and should design its innovation suite with those in mind. That exercise cannot start soon enough, because companies that don’t engage with innovation tools will miss out on the growth these can unleash.
The Boston Consulting Group reports that, in the Americas, ‘innovative’ companies generate three-year total shareholder return premiums of 6.7% over their industry peers; the ten-year premium is 2.9%. The spread is even wider in Asia, where innovators enjoy a 14% three-year premium and a 6.9% ten-year premium over their peers.
It’s not easy to achieve true innovation, but there are ways to give your organisation the best chance of success. In this three part blog series, we’ll take a look at three of the most important considerations for any business striving to innovate:
- PART 1: What are the key enablers of innovation?
- PART 2: What are the key success factors of innovation?
- PART 3: Which strategies can create value from innovation?