"Innovation's New Math and "Revolution vs. Evolution: You Need Both," by Gary Hamel.
Why is having many radical innovations important for a firm's future? How should a firm avoid bleeding to death from expenditures applied to so many risky ventures? 1 page maximum. Thank you.© BrainMass Inc. brainmass.com December 15, 2020, 3:28 pm ad1c9bdddf
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1. Why are having many radical innovations important for a firm's future?
According to Hamel (2001), the most important reason for having radical innovations is the creation of "new wealth," but it also opens new opportunities and keeps the firm relevant in this "topsy-turvy" world. This has both present and future benefits for the company. Radical innovation is having a pipeline of "new ideas" from employees, offering incentives for those ideas (internal competition) and then only experiment with ideas that have potential in a low risk ...
This solution discusses why having many radical innovations is important for a firm's future and how a firm should avoid bleeding to death from expenditures applied to so many risky ventures.