Robert G. Cooper
For many firms operating in mature markets, there are only so many sources of growth open to them, which is why launching unique, superior products with a compelling value proposition is so vital. Yet company surveys show that bold innovation is down, while improvements and modifications to existing products are up. This only serves to maintain existing market share, rather than grow it. To succeed in bigger, bolder innovation, five vectors need to be in place, much like at companies like Corning, Apple, Grundfos, 3M, Swarovski, HP, BASF, and Procter & Gamble. Bold innovation is not easy, but it’s not out of reach either. The examples and illustrations provided in this article model the way.