Innovation is key for competitive edge

June 2003
Management Services;Jun2003, Vol. 47 Issue 6, p3
Academic Journal
For many, says Doctor Gary Hamell of Harvard Business School, innovation is the only way to escape the ruthless hyper-competition that has been hammering down margins in industry after industry. In the past, innovation has too often been a hit-and-miss affair depending on luck rather than strategic planning--very often bringing in outside 'creatives' rather than those nurtured from inside the organisation. Recently a new model of innovation has emerged--innovation as part of a company's business culture--a dynamic engine for growth in both manufacturing and service industries. "Innovation: Harnessing Creativity for Business Growth" seeks to find the characteristics and processes that distinguish truly innovative companies and provide management tools that will inspire, deliver and commercialise innovative new ideas. It is based on the filings of a huge research programme undertaken by the Design Council and the Innovation Unit at the Great Britain Department of Trade and Industry. This programme set out to identify and recognise 1000 millennium products and to analyse the companies behind them.


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