"Even as the pressure to innovate grows, many companies are finding it harder and more expensive to bring new ideas to life. This slowdown is often attributed to rising R&D costs, longer development timelines, and market uncertainty. But our research shows something different: Many organizations already have the ideas they need. The real challenge is that the systems for surfacing and connecting those ideas-what we call "idea marketplaces"-aren't working as they should."
" is the founder of Outthinker, a global think-tank of chief strategy and innovation officers, and author of six books on business strategy, including Kaihan Krippendorff Proximity and Driving Innovation from Within. George S. Day George S. Day is the Geoffrey T. Boisi Professor Emeritus at Wharton Business School and the founding director of Wharton's Mack Institute for Innovation Management. He has authored 20 books and over 180 articles on innovation and growth, and consults for major global corporations."
Pressure to innovate is increasing while bringing new ideas to life becomes harder and more expensive. Common explanations include rising R&D costs, longer development timelines, and market uncertainty. Many organizations, however, already hold the ideas needed for innovation. The main obstacle lies in dysfunctional systems for surfacing and connecting ideas, referred to as idea marketplaces. When idea marketplaces fail, internal knowledge and proposals remain isolated, slowing commercialization and increasing costs. Improving mechanisms that surface, evaluate, and link ideas can accelerate innovation, reduce wasted R&D spending, and shorten development timelines by leveraging existing organizational creativity.
Read at Harvard Business Review
Unable to calculate read time
Collection
[
|
...
]