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Saturday, April 24, 2004

Don't laugh at gilded butterflies - The economist about innovation

Rather than chasing wonder new products, big companies should focus on making lots of small improvements The article says,"important business trend: blockbuster new products are harder and harder to come by, and big companies can do much better if they focus on making lots of small things better."Even in relatively zippy businesses like pharmaceuticals, genuinely new products are fewer and further between. Spending on pharmaceutical R&D has doubled over the past decade, but the number of new drugs approved each year by America's Food and Drug Administration (the industry's key regulatory hurdle) has halved."Disruptive innovation”—simpler, cheaper and more convenient products that seriously upset the status quo—can herald the rapid downfall of well-established and successful businesses.Operational Innovation talked about by Michael Hammer and Strategic innovation coined by Christopher Trimble and Vijay Govindarajan are other relevant approaches recommended for corporate innovation. In the increasingly globalised world, corporate innovation is an essential weapon for survival, leave alone leadership and dominance.
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Sadagopan's Weblog on Emerging Technologies, Trends,Thoughts, Ideas & Cyberworld
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