1. The Middle Path to Innovation.
- Author
-
Herzlinger, Regina E., Rohlen, Duke, Creo, Ben, and Kynes, Will
- Subjects
INNOVATION management ,INNOVATIONS in business ,STRATEGIC alliances (Business) ,INVESTORS ,NEW product development ,FINANCIAL performance - Abstract
Too many companies are failing to innovate. One reason, say the authors, is the polarized approach companies take to innovation. At one end of the spectrum, corporate R&D efforts tend to focus on product refreshes and incremental line upgrades that generate modest growth for lower risk. At the other end, venture capitalists favor high-risk “transformational” innovations that seek to upend industries and generate outsize returns. But there’s a better, middle, way. This article presents the growth driver model, a framework that partners corporations with outside investors to identify and develop innovation opportunities, drawing on corporate resources and talent and externally recruited entrepreneurs. The authors illustrate the model with a detailed case study of how it revived innovation at Cordis, a large medical technology device maker. [ABSTRACT FROM AUTHOR]
- Published
- 2024