What is innovation? And why aren’t companies doing more of it?

Though a commitment to innovation is the key to successful growth, the level of uncertainty involved and the concomitant risk deter companies from committing themselves totally to its implementation. Contributing to managers’ reluctance to face innovation are an ignorance and fear of what exactly it represents. This article lists ingredients of and directions for successful innovation, which can lead to real competitive advantage if followed correctly. However, senior management must assimilate the message fully before it can possible cascade down the organisation.