Innovation is a buzzword thrown into corporate missions as evidence of how a company creates and differentiates; it’s a keystone for any business, a prerequisite for any manager, and a selling point for any investor. But what is innovation? And why do we desperately seek it? The way we look at it, innovation is the creativity of a few put into action by many, offering quantitative and qualitative advantages over the competition. However, any single act of corporate innovation is not enough to create sustainable value; legacies are created through continual value creation.
[This article has been reproduced with permission from Knowledge Network, the online thought leadership platform for Thunderbird School of Global Management https://thunderbird.asu.edu/knowledge-network/]