“Radical Innovation” refers to high risk, high uncertainty projects which hold the potential to both influence the marketplace and bring high returns to firms. It’s a kind of “promised land” of differentiation, growth and wealth for businesses and nations. Radical innovation is different from gradual innovation, in which small, incremental changes are made to activities in order to create more value with less waste. The focus of this article is how firms can realize radical, or breakthrough, innovation, which is the more difficult type to foster.
A 2007 McKinsey Global Survey revealed that 70 percent of corporate leaders call innovation one of their top three priorities. They believe that breakthrough (or radical) innovation will have the greatest affect on corporate performance. The report shows that these leaders agree — “innovation is the best strategic decision for sustainable competitive advantage.” Yet these same leaders report that strategies for igniting innovation in their companies elude them. Too many barriers exist. Why?
To read the full, original article click on this link: Radical Innovation: The Prodigal Mandate - News Techno
