Innovation

Interview with Debra M Amidon

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What role does Innovation play in a firm's survival in this dynamic and competitive business world?

The progress and survival of any enterprise is dependent upon the success of its innovation capability. Innovation is the business and the one competence required to ensure future success. It is that simple and that complex. But few enterprises- private or public-have a Chief Innovation Officer. Instead, they leave this critical process to serendipity. Innovation must be in the head, heart and hands of every participant in the system. It does not mean everyone is an expert technician and expert marketer at the same time. It does mean everyone has knowledge of the entire innovation system and their particular role. It does mean there is some common language and shared purpose, and the boundaries fade between functions, sectors, industries and cultures. It means there is a basic trust, mutual respect and collegial competencies. In addition, a thirst for learning pervades the culture. In the present scenario, the real challenge facing most companies is that of faster innovation. Creating the system within which ideas are created and applied is more than management. It is a matter of strategy and leadership.

Is Innovation a one-time affair or an on-going process?

Innovation is the constant ebb and flow of the firm; it is omnipresent. However, it is wise to plan certain events that can be managed within time periods for the influx of new ideas that can then be carefully and systematically incubated into new products and services.

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