The main challenge in organizational innovation lies in its execution, and not in having more ideas. Top companies create supportive cultures that transform ideas into profitable investments.
Companies need innovation to survive. In fact, there is no shortage of clever people and smart ideas. Hence the competitive edge comes from having the best execution – from the time the idea is first identified, shepherded through the corporate maze, and into the hands of the paying customer.
And yet, in many companies, the chase for short-term profitability can become the Achilles heel of long-term business sustainability. The way to avoid this is to have a deep-rooted culture that promotes innovation and new ideas to filter up and sideways.