![]() This analysis showed a strong, positive correlation between innovation performance and financial performance. We recently compared innovation proficiency-based on competencies defined by the eight essentials-for 183 companies against a proprietary, company-level database of economic-profit performance. Our latest research highlights a growing performance gap separating innovation “winners” from companies that merely muddle along. ![]() Win by creating and capitalizing on external networksĮnsure your people are motivated, rewarded, and organized to innovate repeatedly ![]() Launch innovations at the right scale in the relevant markets and segments Have actionable and differentiated business, market, and technology insights that translate into winning value propositionsĬreate new business models that provide defensible, robust, and scalable profit sourcesīeat the competition by developing and launching innovations quickly and effectively Invest in a coherent, time-risk balanced portfolio of initiatives with sufficient resources to win Regard innovation-led growth as absolutely critical, and set cascaded targets to reflect this Simply put, the ability to develop, deliver, and scale new products, services, processes, and business models rapidly is a muscle that virtually every organization needs to strengthen. This work has deepened our conviction that not only do the essentials matter but also that mastering them is critical to survival at a time when transformational growth is needed to defend against disruptive rivals (see sidebar, “Defining the eight essentials of innovation”). Since then, we’ve validated the essentials through further research and seen them in action at hundreds of companies. ![]() For more, see Marc de Jong, Nathan Marston, and Erik Roth, “ The eight essentials of innovation,” McKinsey Quarterly, April 2015. 1 The eight essentials themselves comprise some 100 specific practices that are critical to innovation-led growth. Seven years ago, we unveiled research highlighting the existence of innovation’s eight “essentials”-a collection of attributes and behaviors that appeared to underpin superior innovation performance. ![]()
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