As companies approach maturity, it is common for them to choose to maintain what they believe to be the safety of maturity attained rather than opt for a strategy that includes constant reinvention and renewal. But, as we will discuss in this session, this path of seemingly least risk and least resistance can be the most detrimental to the company in the long run. The real risk is not to innovate. In this workshop, we make the case with owners, advisors, executives, and leaders—as well as those in the trenches—of the value of innovation: why renewal is worthy of investment and what it can do for the health and longevity of a company. To address the simple yet critical question, “Why innovate?” we will consider some important definitions, discuss a company’s strategic options at maturity, and identify a company’s five categories of competitiveness. Building on these insights, we will explore the “top ten” reasons commonly heard regarding why companies choose not to innovate and respond to them with a concise list of the keys to innovation success. With case studies and narrative examples drawn from the session leader’s time in industry and the academy, participants will benefit from a strategic consideration of one of the biggest existential dilemmas companies encounter.
Learning Objectives:
List which strategic options their company is currently pursuing at maturity, as well as those being pursued by competitors.
Describe how capable their company currently is when it comes to renewing their business.
Decide whether and to what extent their company should pursue innovation investment.
Bruce Vojak, n/a
Managing Director Breakthrough Innovation Advisors, LLC Oak Brook, IL, IL