As the convergence of digital technologies drives unprecedented levels of change in global marketplaces, it is very much a reality that a company must, as Bill Gates put it, “innovate or die!” In the race for relevance to future customers, the greater a company’s innovation capacity, the greater its chance of success.
So how does a firm build its power and agility in innovation? The answer is simple and, to my mind, obvious – yet, it is not the direction in which most innovation-seeking firms seem to be channeling their efforts. Having designed and managed innovation programs in a variety of settings, I know that a company’s innovation capacity comes down to its talent pool, and its commitment to building knowledge and competencies one individual at a time.
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