Top 10 Lessons on the New Business of Innovation

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Gain perspective on how best to sponsor innovation in your organization, build an innovative culture, support R&D, and build new business models. Read our "Top Ten" articles compiled from the best of MIT SMR's extensive Innovation archive.

Image courtesy of Flickr user rishibando.

The 5 Myths of Innovation

This article explores the process of innovation in 13 global companies. Many of the standard arguments for how to encourage innovation were confirmed, but some surprises were uncovered as well. The article organizes its key insights around five persistent “myths” that continue to haunt the innovation efforts of many companies. The five myths are: (1) The Eureka Moment; (2) Built It and They Will Come; (3) Open Innovation Is the Future; (4) Pay Is Paramount; and, (5) Bottom Up Innovation Is Best.

Image courtesy of the World Economic Forum.

Innovation From the Inside Out

Nurturing a new and lasting idea doesn’t result from analyzing market data. Aspiring creators must act on what nonprofits already know: you get the best answers by burying yourself in the questions.

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The Era of Open Innovation

Companies are increasingly rethinking the fundamental ways in which they generate ideas and bring them to market — harnessing external ideas while leveraging their in-house R&D outside their current operations.

Courtesy of Valve Corp.

How to Manage Outside Innovation

Should external innovators be organized in collaborative communities or competitive markets? The answer depends on three crucial issues.
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Finding the Right Job For Your Product

Most companies segment their markets by customer demographics or product characteristics and differentiate their offerings by adding features and functions. But the consumer has a different view of the marketplace. He simply has a job to be done and is seeking to “hire” the best product or service to do it. Marketers must adopt that perspective.

Image courtesy of Flickr user graysky.

Why Companies Should Have Open Business Models

Using outside technologies to develop products and licensing intellectual property to external parties will carry a company only so far. The next frontier is to open the business model itself.

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The 4 Ways IT Is Revolutionizing Innovation

MIT Sloan economist and digital-business expert Erik Brynjolfsson tells how the rising data flood and emerging tools for analyzing it are changing the ways innovation gets done.