2 weeks Ago
BY Mike Keech3 minute read Innovation supercharges growth, creates or reinvents categories, forms new business models, and enhances productivity. But barriers to innovation abound, and many companies struggle to systematize innovation as an ongoing process. How can companies overcome roadblocks that inhibit innovation? The first step is understanding what innovation is—and is not.
McKinsey defines innovation as ". . .
the systematic practice of developing and marketing breakthrough products and services for adoption by consumers." And its research shows that companies successful at mastering innovation are 2.4 times more profitable than others.
The key is "systematic." Innovation is not a one-and-done endeavor. It requires making sure that an innovative mindset is baked into your strategy and operating model.
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, we're highly intentional about pursuing innovation. It may be the single most important factor in helping us become the No. 1 powdered hydration brand in America, fueling 4x growth in three years and paving the way for rapid international expansion.
Every company innovates differently, but there are common traits. Here are seven steps that can help almost any company jump-start the innovation process. 1.
Make it about discovery: Start from a place of humility. Assume you may be unaware of many things that could ultimately make all the difference. At.
.. Mike Keech.
