Making Innovation Work: How to Manage It, Measure It, and Profit from It, Updated Edition

Making Innovation Work: How to Manage It, Measure It, and Profit from It, Updated Edition

Tony Davila

Language: English

Pages: 368

ISBN: 0133092585

Format: PDF / Kindle (mobi) / ePub

Profitable innovation doesn’t just happen. It must be managed, measured, and properly executed, and few companies know how to accomplish this effectively. Making Innovation Work presents a formal innovation process proven to work at HP, Microsoft and Toyota, to help ordinary managers drive top and bottom line growth from innovation. The authors have drawn on their unsurpassed innovation consulting experience -- as well as the most thorough review of innovation research ever performed. They'll show what works, what doesn't, and how to use management tools to dramatically increase the payoff from innovation investments. Learn how to define the right strategy for effective innovation; how to structure an organization to innovate best; how to implement management systems to assess ongoing innovation; how to incentivize teams to deliver, and much more. This book offers the first authoritative guide to using metrics at every step of the innovation process -- from idea creation and selection through prototyping and commercialization. This updated edition refreshes the examples used throughout the book and features a new introduction that gives currency to the principles covered throughout.


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technology leadership technology stage industry lifecycles tension managing between creativity and value capture Tetra Pak threats time-driven systems timing incentives incentive contracts tools V2MOM Top (Total Optimized Processes) top-line growth Toyota transitioning from first breakthrough innovation to an innovative company trust turbulence TXU Corporation types of innovation U2 Universal Studios utility companies V2MOM value measuring value capture managing

senior management. These senior-level decisions are the basis that the organization will use to execute the strategy. They provide the context for the downstream decisions related to organizational design, the development of innovation networks, and the development and use of metrics and incentives to drive innovation. Chapter 3. Choosing Your Destiny: How to Design a Winning Innovation Strategy Choosing the Right Strategy "Innovation is a survival issue." —3M[1] One of the

survival, the Marx Brothers took the film script for A Day at the Races on the road. They took it to the creative marketplace in order to get it right for commercialization—otherwise the movie could flop. They knew that the studios were focused on commercialization, not creativity. Groucho is recognized as a genius of comedy. He was also a genius because he knew when to go to the creative markets to test his ideas and when to take those ideas into commercialization. Through the course of his

create new products. When he became CEO, Immelt saw that GE's value capture and commercial execution had become stronger than its creativity. He had inherited a company that had become extremely skilled in operations; "One that could stop on a dime and deliver results," said Bob Corcoran, the current director of GE's legendary learning center, Crotonville, and a long-standing human resources manager at GE Medical Systems, the business Immelt ran before becoming CEO. "Now the question is how to

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