Understanding the potential of information technology and its management often marks the difference between a firm that leads and those that follow (and perhaps fall) behind.

— Donald Fisher

If innovation is to become the next core competency, it must become a truly collaborative discipline. Isolated R&D departments and ivory tower product strategies, unlinked from the market dynamics and abstracted from the actual capability to deliver, cannot handle the demand for innovations. To match the rising demand for growth, innovations have to become massive, cheap, and sustainable.

Increasingly, the work we do depends on new ideas, on creative responses to unforeseen developments, on coming up with a better way before our competitors do. We need to be able to produce those new ideas as needed, on demand. It's no use waiting around to get inspired or praying to catch a break. We need to get lucky, right now.

The capability to out-innovate the competition is becoming increasingly critical to business success. Taking innovation risks can lead to spectacular success, such as the Japanese DoCoMo mobile network, Google, and personal computers. But sometimes attempts at innovation become catastrophic failures and rise to the surface of public awareness.

The capability to out-innovate the competition is becoming increasingly critical to business success. Taking innovation risks can lead to spectacular success, such as the Japanese DoCoMo mobile network, Google, and personal computers. But sometimes attempts at innovation become catastrophic failures and rise to the surface of public awareness.

If innovation is to become the next core competency, it must become a truly collaborative discipline. Isolated R&D departments and ivory tower product strategies, unlinked from the market dynamics and abstracted from the actual capability to deliver, cannot handle the demand for innovations.

If innovation is to become the next core competency, it must become a truly collaborative discipline. Isolated R&D departments and ivory tower product strategies, unlinked from the market dynamics and abstracted from the actual capability to deliver, cannot handle the demand for innovations.

Increasingly, the work we do depends on new ideas, on creative responses to unforeseen developments, on coming up with a better way before our competitors do. We need to be able to produce those new ideas as needed, on demand. It's no use waiting around to get inspired or praying to catch a break. We need to get lucky, right now.

Increasingly, the work we do depends on new ideas, on creative responses to unforeseen developments, on coming up with a better way before our competitors do. We need to be able to produce those new ideas as needed, on demand. It's no use waiting around to get inspired or praying to catch a break. We need to get lucky, right now.

In spite of all the scary failures around us, innovation does not have to be mysterious or risky. True, experts claim that 70%-80% of new product development projects fail [18], but the single greatest reason is the failure to meet customer needs.

In spite of all the scary failures around us, innovation does not have to be mysterious or risky. True, experts claim that 70%-80% of new product development projects fail [18], but the single greatest reason is the failure to meet customer needs.

To be successful in innovation management, companies must establish a corporate culture that motivates project teams to maximize potential business benefits of project success and minimize potential negative impacts of project failure. Managing innovation is inherently risky. Many uncertainties about future events arise from both internal and external sources.

To be successful in innovation management, companies must establish a corporate culture that motivates project teams to maximize potential business benefits of project success and minimize potential negative impacts of project failure. Managing innovation is inherently risky. Many uncertainties about future events arise from both internal and external sources.