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Making Innovation Work: How to Manage It, Measure It, and Profit from It, Updated Edition, by Tony Davila, Marc Epstein, Robert Shelton
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Profitable innovation doesn’t just happen. It must be managed, measured, and properly executed, and few companies know how to accomplish this effectively. Making Innovation Work presents a formal innovation process proven to work at HP, Microsoft and Toyota, to help ordinary managers drive top and bottom line growth from innovation. The authors have drawn on their unsurpassed innovation consulting experience -- as well as the most thorough review of innovation research ever performed. They'll show what works, what doesn't, and how to use management tools to dramatically increase the payoff from innovation investments. Learn how to define the right strategy for�effective innovation; how to structure an organization to innovate best; how to implement management systems to assess ongoing innovation; how to incentivize teams to deliver, and much more. This book offers the first authoritative guide to using metrics at every step of the innovation process -- from idea creation and selection through prototyping and commercialization. This updated edition refreshes the examples used throughout the book and features a new introduction that gives currency to the principles covered throughout.
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- Sales Rank: #279399 in Books
- Published on: 2012-11-19
- Original language: English
- Number of items: 1
- Dimensions: 8.90" h x 1.50" w x 6.40" l, 1.43 pounds
- Binding: Hardcover
- 368 pages
From the Back Cover
Executives have reported that innovation is crucial to their competitiveness—but many reported deep concerns about their firms’ ability to innovate effectively. No wonder: profitable innovation doesn’t just “happen.” It must be managed, measured, executed on…and, even after many years struggling to improve, few companies do this well.
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Making Innovation Work, Updated Edition offers a pioneering, proven start-to-finish process for driving sustained growth from innovation. The authors draw on unsurpassed innovation consulting experience, and the most thorough review of innovation research ever performed. Their techniques have been proven at top companies ranging from HP to Toyota. Here, they demonstrate what works, what doesn’t, and how to use all your tools to maximize the value of innovation investments.
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• Design winning innovation strategies that align with business strategy
• Balance creativity with value capture
• Structure companies and organizing management systems to promote innovation
• Measure idea stimulation, selection, innovation execution, and delivery
• Craft your best incentives to reward effective innovation
• Neutralize organizational “antibodies” that kill innovation
• Embed innovation throughout corporate culture
• Build vibrant innovation networks that extend far outside the organization
• Get better at innovating, one day at a time
About the Author
TONY DAVILA leads the Entrepreneurship Department and Entrepreneurship and Innovation Center at IESE Business School, and is one of the world’s leading scholars, speakers, and advisers on entrepreneurship and innovation. Building on his doctoral work at the Harvard Business School, he works with both large industrial companies and Silicon Valley startups to design management control and performance measurement systems that drive innovation.
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MARC J. EPSTEIN is Distinguished Research Professor of Management at Jones Graduate School of Business at Rice University. Previously Visiting Professor at Harvard, he has been a senior consultant to leading corporations and governments for more than thirty years, specializing in strategy implementation, innovation, governance, accountability, and performance metrics. He has also served as professor at Stanford Business School and INSEAD.
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ROBERT D. SHELTON is the Leader of the Innovation Practice at a major global consulting firm. Through many years as an innovation consultant, his client list is a “who’s who” of innovative companies including leaders in high tech, consumer goods and services, software, financial services, cleantech, aerospace, and healthcare industries. He was Vice President and Managing Director with Arthur D. Little, and Managing Director of the SRI Worldwide Technology Management practice.
Most helpful customer reviews
5 of 5 people found the following review helpful.
An updated reprint of a classic
By Bunyyup
This is a book about innovation that you need to read and re-read.
Making Innovation Work (MIW) tries to come off as an easy read, pop management book, but it is not. (That explains some of the negative reviews.)
It took me about three weeks to get through MIW, but I am already applying the lessons from the book. Some of the book reinforces ideas that I have forwarded for years, e.g., the use of measures and metrics, and some is new ground.
MIW is also not a cheerleader for mindless creativity gone mad. MIW makes the point early and often that only you and your employees can determine what the right level and type of innovation is appropriate for your business. The notion that strategy needs to be in concert with tactical business activities is so true and so often overlooked, and I could go on and do a detailed look at every idea in every chapter.
That would be a disservice to you and to the book.
Read the introduction and chapter one, and then think about them for a few days. Then, read them again. If you do that for every chapter in the book, this will be one of your top references for mapping out an appropriate strategy for innovation in your organization and implementing a workable, realistic plan.
If you're looking for a vacuous, pop management book then this is the wrong book for you.
But, if you're ready to take the challenge to think, to grow, and to change the way you run your granita toon then this book could be the beginning of a revolution for you and your business.
In service,
Rich
3 of 3 people found the following review helpful.
"This is the book I wish I had read thirty years ago."
By Didaskalex
*****
"Innovation differs from invention, it refers to the use of a novel idea and/or better method, whereas invention refers more closely to the creation of the idea or method itself. Innovation differs from improvement, it refers to the notion of making something new, rather than doing the same thing better."--Improved quoted definition
*
In a recent Ivey Business Journal, Roger More defines 'success in innovation' hence as, "... innovation means at least several things to different people - any new product or service, value creation or a particular "culture of innovation." But these and many other "interpretations" of innovation are meaningless, as this author contends. In fact the only thing that matters is whether an innovation creates wealth. And the only metric for determining that wealth is net cash flow."
This is well in harmony with the authors call to how crucial is innovation to competitiveness, and executives reports of their deep concerns about their firms financial health in a globally competing economy. Throughout my career I was an advocate of process development vital role, and manufacturing tools as lean manufacturing, just-in-time, and operation excellence. This book looks at the process from its business management side, I heartily agree with Lew Platt that, "This is the book I wish I had read thirty years ago."
With many great reviews of the first edition, I would like to underline 'How do organizations become better at innovating. Learning innovation in fast changing environments, is crucial for America's continued leadership. The authors define it right, "the ability to learn faster, better, and more cheaply than your (global) competitors." If you are very busy, just read 'Conclusion'. Follows is a sample of its titles: Combining creativity with commercial savvy, Smart execution, The role of leadership, Diagnostics and action: Vision, Values, Methods, Obstacles & Measures.
1 of 1 people found the following review helpful.
The guidebook for sustainable innovation in a company - read it thoroughly
By Joel Avrunin
Making Innovation Work, now in an updated edition, is a valuable resource for creating a structure within your company for innovation. Rather than eschewing metrics and saying that people just need to be creative, this book discusses how to create an innovative environment that is measurable within the established corporate structure where projects must have measurable return and executives tend towards being risk averse. The authors explain that innovation must be done within the framework of overall corporate strategy, aligning those activities with ones that support the core brand and message. In fact, strategy and organizational structure are two aspects often overlooked in books on innovation that focus on company stories, but don't really provide actionable advice.
All of that being said, this book is really geared towards the business executive in a large organization with the capital to finance an organizational structure geared towards innovation. It is certainly not aimed at the startup, and in the case of the startup, it is likely that organizational barriers to innovation do not exist yet anyways. But beyond flowery words about the importance of innovation, this book provides a plan and structure demonstrating that innovation need not be anarchy, and it can be managed and measured just like any other business process, so long as the company structure and strategy are aligned with the plans explained in this book. Chapter 6 was particularly illuminating, discussing the metrics and measurements that can be applied to the process of innovation.
Recommended read for business leaders.
See all 33 customer reviews...
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