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CEO Talk: Relationship between Innovation and Innovators

  
  
  
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As a 25 year veteran in business and being an entrepreneur (I started our first family business with my father in 1983 – last year of my college at University of Connecticut), I have always wondered why so many businesses fail and disappear, and why others succeed. Same is true about thousands of people that I have met – how do some people make lot of money (anything they touch seems to turn into Gold), while others always suck-up more resources and generate very little value (ROI, wealth, brand, reputation, etc.).

I have now concluded that some people are “wired” to make money, and others are just not.

To take it further, I think real definition of "innovator" is those who generate value more then they consume resources - simple. Not only once, but almost every single time at bat.

So, as a CEO, if you are committed to innovation as the instrument of choice to help you create a sustainable growth (and profit) engine, put real “innovators” in charge of innovation in your organization. Probability of success will be very high. And your risk will decrease.

Additionally, make sure you are clear on these critical questions as well, before you invest into innovation programs and infrastructure expenses:

  1. How can your organization improve the probability to enhance your organization’s financial performance – particularly relative to that of competing organizations?
  2. Do you know if your team can generate real wealth – high value using minimal resources?
  3. Do you have the right team makeup you need to create value and wealth – based on your organizations’ current life-cycle situation?
  4. Within your team:
    • Do you know who will utilize the most resources and who will utilize the least? 
    • Who will generate the most value and who will deliver the least? 
    • Who may have the required mental agility and who will need a lot of help?

By answering these questions, you will be able to optimize and direct innovation correctly. 

Innovation is the responsibility of the Top-Team. Do not relegate it off to Product Development, or Human Resources, or R&D. Those tactics don’t work anymore alone. More about this issue, later…

 

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