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Aug 21, 2015

According to McKinsey, every large company that is a high performer in product, process, or business-model innovation does the following: 1) Regards innovation-led growth as critical and sets cascaded targets that reflect this; 2) Invests sufficient resources in a coherent, time- and risk-balanced portfolio of initiatives, 3) Discovers differentiated business, market, and technology insights, 4) Creates new business models that provide defensible and scalable profit sources; 5) Develops and launches innovations quickly and effectively; 6) Launches innovations at the right scale in the relevant markets and segments; 7) Creates and capitalizes on external networks; and 8) Motivates, rewards, and organizes people to innovate repeatedly.