Strategic Innovation: Embedding Innovation as a Core Competency in Your Organization

CHAPTER SIX

Resource Creation: Open Markets for Funds, Ideas, and Talent

The process of creating and allocating resources to fuel innovation is critical to the innovation embedment process. Many enterprise-wide initiatives starve and wither due to lack of resources. This often occurs because leaders underestimate the amount of resources necessary during start-up, or they underfund it from the beginning thinking they will just “wait to see what happens.” Clearly, it is difficult to foresee the amount of resources required at the onset of an initiative. It also takes incredible courage to set the resources aside before they are actually needed and extreme discipline not to redeploy them when things look grim in other parts of the business. Consequently, ...