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Following Robert’s Rules of Innovation, Value Creation is the key to optimizing sustainable innovation programs within your organization. Successful innovation is the process of using intellectual capital to create a financial return by creating a new product or service. While the value of the idea is important, adding the perceived value of your customers will drive ROI (Return on Investment). Develop an innovation with high perceived value to your customer and strong sales will follow.
The Risk of Reward
Innovation is critical for value creation but you must anticipate or even embrace the possibility of failure. Your company may struggle with NPD (New Product Development) and innovation in anticipation of an uncertain economic recovery, all the while working to keep costs down for your organization’s existing products and services. You must have a willingness to invest without ROI assurance.
The Reward of Risk… Read more at http://www.robertsrulesofinnovation.com/?p=1469