3 Questions About Being Innovative

When it comes to innovation, have you asked yourself some very basic questions?

That’s the point of Scott Anthony, president of the consulting firmInnosight which specializes in promoting innovation. Innovation can make or break companies. For example, Microsoft was under the gun a decade ago in a massive anti-trust suit but managed to keep innovating its way to quadruple its revenues to $60 billion. The newspaper industry was enjoying healthy margins of about 30 percent about a decade ago but failed so miserably at innovation that it is in a fight for its life.

Where to you fit in? To find out, trying answering Anthony’s three questions:

  1. Does my company have an Innovation Strategy? You need a real plan, established benchmarks and enough in the budget to make it work.
  2. Are your tactics similar to the market’s? Matching the market is key for success. You can do that by creating new businesses, operating existing ones and trading declining ones.
  3. What is my personal commitmentto innovation?  Unless the CEO has some of his his or her own skin in the game, the strategy won’t work.
Bellwort technologies pvt. ltd.

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