South-Western - Management  
Bringing Ideas to Market: Now More Than Ever, Companies Must Focus on Innovation
Topic Technology, Innovation and Change
Key Words innovation, change
InfoTrac Reference A87430215
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News Story

Accenture CEO Forehand believes that CEOs must focus on innovation and growth even in hard times. Innovation enables companies to capture market share or grow in new directions, adding to company value. Companies should invest in their people, who are the "innovation engines," and encourage collaboration. The best ideas come from teamwork.

He describes three things his company does to foster innovation:

  1. Focus on leadership development. Inspirational leaders can inspire employees to perform at high levels.
  2. Encourage entrepreneurial thinking in everyone. Extend decision-making authority to more people, earlier in their careers.
  3. Balance resource- and knowledge-sharing across the organization.

Questions
1.

Summarize Forehand's view of innovation, and compare it to the discussion of innovation in your text. How are they different? Similar?

2.

Why is it important to manage innovation? What happens if it is not managed properly? Give an example of a company who didn't properly manage innovation.

3.

Have you had a job that rewarded innovation? How did they do it?

Source Peter Haapaniemi, "Bringing Ideas to Market: Now More Than Ever, Companies Must Focus on Innovation," Chief Executive (U.S.), June, 2002, p. S2.
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