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According to innovation expert Eric von Hippel, users are often the first source of new products — and that has important implications for businesses.
Companies such as Procter & Gamble, Cisco Systems, Genzyme, General Electric and Intel are often credited with having attained market leadership through open innovation strategies. By tapping into and exploiting the technological knowledge residing beyond their own R&D structures, these companies outmaneuvered rivals. But while other organizations try to follow their example, many are failing because they neglect to ensure that the outside ideas reach the people best equipped to exploit them.
Why are investors so bullish on companies like Apple and Disney? Is it metrics, management, industry prowess, good investor relations or good timing? Probably all of these. But something else may be at work, too. According to research conducted at the MIT Sloan School of Management, the stock market consistently values certain types of business models more highly than others. In recent years, investors have favored models focused on intellectual property and highly innovative manufacturing.
History shows that the road to technological innovation is long and winding, but lessons from successes and failures with other emerging technologies offer managers a helpful guide.
The conventional wisdom is that products that have a strong established base of users can often trump higher-quality alternatives. But recent research suggests otherwise.
Research in innovation and creativity shows that giving employees unstructured time — on company time — pays off.
The article “Innovate Better” by Fareed Zakaria in the June 13 issue of Time magazine looks at the state of business innovation in the U.S. and concludes it needs more help.
Jack Dorsey’s Square aims to make it easier for offline merchants, “who still account for 94 percent of commerce in the world,” to take credit cards and to capture analytical data about their transactions.
Al Roth, expert in game theory, experimental economics, and market design (and Harvard Business School professor), is one of the big names in the field of matching markets — building efficient systems that match, for instance, new doctors to their first hospital jobs out of medical school.
The death of Digital Equipment Corp. cofounder (and MIT alumnus) Ken Olsen has prompted much conversation about him and the DEC.
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.
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