Innovation is no longer on layaway—it is an imperative for right now. The hard part is figuring out how. Executives looking to re-energize their innovation programs face two stark realities. First, after the cost-cutting and restructuring activities of the last twenty-four months, they have fewer resources and capabilities available to pursue new initiatives—as with everything else, they must achieve more with less. Second, when it comes to past innovation efforts, most remember—even if they’d rather not—that their success rates were dismally low. So as they try to carry on with tightened belts, they recognize that today’s innovation efforts must be more effective than ever before.
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