Keys to a Smart Innovation Process

by Brian J. Dooley

It has become increasingly evident that companies that fail to establish adequate innovation processes are likely to suffer in the current recession. As economic conditions bite deeper into revenues from existing products, new products will not be available to replace them, and ultimately, the company will fall behind the competition. While discussion of innovation tends to focus on idea creation, the real source of new opportunities lies in the processes that further innovation and bring ideas forward to completed new products, new services, or new ways of doing business.