Reaping the Rewards of Innovation
Category: Leadership & Management
Is your organization getting the return it deserves on its investment in innovation?
In this summary, you will learn
- What is involved in innovation
- How to plan for payback
- How to organize your company to make successful innovation more likely
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Why you should read Payback
A lot of books on innovation make it sound like an end in itself, as if innovation carries the answer to every business problem. James P. Andrew and Harold L. Sirkin sound a refreshing note or, rather, several of them. They argue that companies must evaluate business innovation according to the direct or indirect financial returns it produces, its “payback” – and that most products fail to earn back their investment. They then discuss the issues you need to consider if you are investing in innovation: the models, factors, processes and more. While some of their discussions are a bit too sweeping or general, the authors’ specific stories of innovation attempts that failed or succeeded illustrate how systematic evaluation could have helped companies estimate a product’s chances of success. As a result, this book is a realistic antidote to innovation intoxication. getAbstract recommends it to anyone who is trying to plan seriously and realistically for innovation in a business context.
About the Authors
James P. Andrew and Harold L. Sirkin are senior vice presidents of an international consulting group. Andrew heads its innovation practice and Sirkin heads global operations. John Butman has written many articles and more than a dozen books, including Grapevine: The New Art of Word-of-Mouth Marketing, with Dave Balter.
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