THE INNOVATION CHALLENGE
Innovation is the specific instrument of entrepreneurship . . . the act that endows resources with a new capacity to create wealth.
—Peter Drucker, Innovation and Entrepreneurship, 1985
THE CHALLENGE: HOW TO REALLY INNOVATE
Most companies have ambitious growth goals. The problem is that there are only so many sources of growth. Four of these—market growth, market share increases, new markets, and acquisitions—are proving difficult or expensive. Markets in many industrialized countries and industries are mature and increasingly commoditized; gains in market shares are expensive; and acquisitions often don’t work . . . witness share price declines after mergers are announced. New markets—India and China, for example—pose ...