For many years, it has been well understood that innovation is the top driver of corporate value in today’s environment. As companies realize a higher percentage of their market value from intangible assets, innovation becomes central to their strategy for building a more valuable company.
Companies have tried several methods to drive innovation, from the “challenge-driven enterprise”, to “social” innovation and many other approaches. While many of these have their merits, no one single approach can deliver all of the innovation necessary to build sustainable growth. Companies need a holistic approach to innovation that combines the best practices of internal, external and open innovation.
Networked Innovation is a holistic approach built around 4 key capabilities that Inova believes every company must master in order to gain lasting value from its innovation efforts. This whitepaper outlines these 4 capabilities and prescribes a best practices approach to implementing them.
The innovation department needs to define its roles, interface, process, a common language, and KPI. Read this whitepaper to learn how the best innovative companies succeed.