Date Added: Jan 2010
Innovation isn't all about great ideas. INSEAD Professor of Entrepreneurship Morten Hansen and visiting professor Julian Birkinshaw argue that companies often fail because they don't recognise that innovation is a chain that requires strength at every link to succeed. The chain starts with idea generation, but then moves to prioritising and funding ideas, to converting those ideas to products and finally to diffusing those products and business practices across the company. Hansen says that managers who are constantly working to come up with new ideas when there are other problems in the chain actually may be causing more problems.