They then need to develop a clear innovation strategy that informs the types of new ideas they will invest in for the future. In addition to a clear innovation strategy, companies also need a clear process for managing new ideas once they have them. I am often amazed by the number of companies that do not have a clear process for managing innovation. It should be clear to every employee what the company process is for evaluating ideas, testing ideas and taking them to scale. It is important for us to distinguish between good process and bad process.

Source: Forbes March 26, 2018 21:33 UTC