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Defining Innovation

Innovation spans multiple departments and disciplines with companies and industries. The Innovation Initiative defines "innovation" as:

The practice of top-line growth and value creation through the development of new products and services, including new branded concepts, patents, and intellectual property.

  • begins with target consumer’s articulated & unarticulated wants & needs
  • employs multi-disciplinary collaboration
  •  incorporates networked, “open innovation” based partnerships
  •  engages middle-brained skills – combines strategic rigor & creative intuition in decision making.
  Corporate Innovation

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Infusing an Innovation Competency

A holistic, horizontal and enterprise-wide approach to top-line value creation, capture, and delivery

Corporate Innovation R and D
Differs from traditional approaches to R&D

Consumer-centric
      VS.
Core competency/operationally-based

Acknowledges customer control over purchase
      VS.
Presumes company control

Corporate Innovation
Highly-related to entrepreneurship

"Intra-preneurial" development in existing organizations
      VS.
Start-up companies