Dr. Robert G. Cooper has been around the innovation block more than a few times, and visits companies around the world collecting data about how they attack their market opportunities. In his recent article that appeared in IESEinsight, he provides data that shows:
In the development portfolios of companies, the % of new-to-the-world products is down by almost half, while improvements and modifications to existing products have nearly doubled.
Based on his extensive experience, Dr. Cooper has identified key elements that are common to companies that are effectively delivering the type of bold innovations that lead to the breakthrough market success that can really propel corporate profits and overall market relevancy. In short, these five vectors are:
- Developing a strategic focus
- Fostering a fertile climate and culture
- Generating, capturing and handling ideas
- Designing a Next Generation Idea-to-Launch system
- Deciding the right investments and picking the winners
Each vector builds upon the other and, if enabled, can provide companies with the tools and momentum to more quickly identify and take advantage of the highest payback opportunities. See the link below to download Dr. Cooper’s article which greatly expands on the five vectors concept and details how these factors link to today’s innovation challenges.
- Download the IESEinsight article: “Creating Bold Innovation in Mature Markets”
- Dr. Cooper’s Special Message on Today’s Innovation Challenge