The innovation mindset isn't just about product innovation.

Some organizations have focused on product innovation for so long they don't know how to innovate in any other areas. For example, in 2010, Microsoft -one of the world's best product innovators for the last two decades - launched a social phone called Kin. The product was a complete disaster. Within six weeks of the launch, the entire product group was shut down, and, according to their earnings reports, Microsoft took at least a $240 million write-off.

How could such a great product innovator strike out so fast? In today's climate, it happens to the best.

Most organizations focus on building short-term product innovation engines. However, most products have little sustainable competitive advantage and never generate a profit; those that do are often quickly copied by the competition, negating any long-term advantage. The result: a significant investment in product development, without a commensurate return on investment.

To achieve sustainable growth, companies must better integrate product innovation with business model, process, and service innovations.

Read the entire article at Harvard Business Review >>

You can download FREE articles at www.desai.com/resources.