Investing in innovation can take the hit and miss out of organic growth, write George Day and Gregory Shea for MIT Sloan Management Review.
There’s a plethora of prescriptions on what concepts to adopt or strategies to follow in order to emulate the success of businesses like Amazon and Starbucks. But, warn the two management professors, if you start without a well-defined and directed innovation narrative then all your efforts could be in vain.
At a fundamental level, your story is a powerful motivator – or de-motivator – for your employees. It will usually be either slanted positively or negatively towards innovation, or a maybe combination of the two. It’s no surprise to learn that the more affirmative the story, the higher the chances of a fruitful climate. But how can you develop the right picture to put you ahead of your competitors in the growth stakes?