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The sophisticated innovator: practical insights from provocative stories of innovation in minority business enterprises
U.S. Government
Paperback. Books LLC, Reference Series 2011-09-29.
ISBN 9781234076672
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Publisher description
Original publisher: [Washington, DC] : U.S. Dept. of Commerce, Minority Business Development Agency, [2007] OCLC Number: (OCoLC)720249227 Subject: Minority business enterprises -- United States. Excerpt: ... Level 1B: Lengthier Innovation Initiatives Learning from Sophisticated Product Development Systems What's Different? The only difference is that at Level 1B, the innovations take longer - a few quarters or even a few years. Innovation Principle: When innovations take quarters or even years to implement, innovators must routinely assess not whether an innovation is a success today, but whether or not it is on a trajectory to success. Thus, all innovation measures should be evaluated not based on today's result but based on the longer-term trend in results. Rapid feedback makes learning much easier. Think about the difference between learning to pitch in baseball and learning to launch a new product. In baseball, the umpire calls " ball " or " strike " a split second after the pitch. Now, that's rapid feedback ! Such feedback is very useful to an innovator. Immediately you can draw conclusions about whether what you tried had a positive or negative impact. Learning to launch a product takes much longer. Each time you try it, you must wait months, quarters, or even years before you can be certain whether the investment you made in developing the product has earned a healthy return. That does not mean, however, that you cannot begin drawing inferences about whether the product is on a path to success or failure much sooner. Large consumer products companies, from Procter & Gamble to General Motors, illustrate this concept well. For these companies a steady stream of new product launches is crucial to sustaining strong results. Rivals try to outdo each other with new products or improved versions of existing products several times per year. Think of Coca-Cola launching Dasani bottled water, or Panasonic launching their latest high-definition plasma televisi
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The sophisticated innovator: practical insights from provocative stories of innovation in minority business enterprises
Book reviews » The sophisticated innovator: practical insights from provocative stories of innovation in minority business enterprises
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