Innovation is key to a company’s competitive advantage and their ultimate success. However, in large corporations, where the standard is typically one of carefully implemented planning cycles, innovation (including the development of disruptive technologies and radical business concepts) is often stifled. Progress comes at the pace of small incremental improvements rather than the leaps and bounds that can be found in companies where innovation is properly managed and is nurtured to grow. And, even though some companies have the ability to produce innovations, the mismanagement of these innovations prevents them from being as profitable as possible. These companies, where innovation is hindered and/or mismanaged, are limited in their ability to compete with competitors, especially newcomers who may quickly snatch up large percentages of market share.
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