Fascinating article that I strongly recommend you read
What makes companies ready for successful innovation? We know it’s not the size of their R&D budgets, even relative to their revenues. Since 2005, the annual Strategy& Innovation 1000 studies have examined which companies spend the most on R&D and which firms have the most success with it. The conclusion, year after year, has been the same: There is no correlation between innovation spend and business performance….
…..If it isn’t spending that leads to success, there must be other qualities that distinguish truly innovative companies…
…Five factors, in particular, seem to make a difference. They have emerged, over the years, as common to a series of analyses, case studies, and research projects…
Strategic alignment. The most successful innovators can articulate a clear group of R&D priorities that are “fit for purpose”: aligned to the company’s overall business agendaInnovative capabilities. These are the everyday activities within your R&D department that you follow along the path from customer engagement, to generating ideas, to commercializing them, to executing the launch.External networks and partnerships. Successful innovators are proficient at building and maintaining productive relationships with outside suppliers, distributors, educational institutions, and service providers. Organization and processes. Organizational design is natural to successful innovators. They make sure the right incentives, decision rights, and information flows are in place to drive innovation performance.Cultural alignment. These companies foster thinking and conversation that promotes innovation. Their cultural attributes and behaviors lay a foundation for risk-taking, and they also support the innovation strategy
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