As Schumpeter postulated, innovation in processes, products and business models is always intertwined with creative destruction. Innovation thrives on risk. We are surrounded by people talking about innovation and change. Yet when it becomes crucial to transform ideas and concepts into innovation, endless reasons emerge to trample down their feasibility and potential. As always, everyone – especially a corporation – finds it hard to leave the comfort zone.
Many industries resist this phenomenon. Year-on-year, they undertake incremental, clearly defined evolution processes to achieve marginal advances in products and buying impulses. Yet, the fight for 5% less consumption or 2% more content quickly shifts the perspective away from the essential fact: taking a real lead can only come from fundamental change – because hiding behind standard stuff means that followers will not be far behind.
Many DAX 30 corporations overestimate their innovativeness. Our study of the DAX 30 corporations underscores the highly strategic significance of innovation. Only two companies are perceived as top innovators.
“In the best case, a survey of innovation could itself elicit innovation.”
Dr. Kemal Malik, Member of the Board for Innovation, Bayer AG
Read our (German) article in the
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.