Date Added: Jan 2010
Innovation includes more than just the introduction of new products and services, Wolcott says. It also involves dimensions such as creating new customer experiences, reaching new customer segments, capturing additional revenue, and establishing innovative operating processes and distribution channels. But fitting everything together in a real, new business design is the tricky part. "Finding the right structures and processes to make this happen inside an established company is the key and the challenge," says Wolcott, a faculty member in the entrepreneurship and innovation program.