THE IMPERATIVE OF INNOVATION
Joseph Schumpeter is usually quoted as the father of the creative destruction concept in economics, which is a concept closely associated with innovation as the engine behind business cycles and long-term sustainability, regardless of the industry under consideration. It is implicit in Schumpeter’s Theory that innovation is the major reason for business renewal.
If innovation is key for business renewal, how can businesses organise for innovation? and, unlock the benefits Schumpeter suggested. How can organizations ultimately make the capability to innovate part of their DNA?
Innovation is a broad concept that may be classified according to different reference frames. One such classification could suggest three categories of innovation: (1) disruptive innovation, sometimes referred to as radical innovation, (2) incremental or progressive innovation, which resembles a continuous improvement effort, and (3) recombination innovation, where existing concepts are combined to produce a new one.
One thing is for certain:
