Join our discussion on the peaceful coexistence of innovation and best practices.
In unstable environments, there is no sustainable competitive advantage, only multiple temporary competitive advantages. If this is true, small-to-mid-sized firms may be the big earners of our time.
A 2007 McKinsey Global Survey revealed that 70 percent of corporate leaders call innovation one of their top three priorities. They believe that breakthrough (or radical) innovation will have the greatest affect on corporate performance. The report shows that these leaders agree — “innovation is the best strategic decision for sustainable competitive advantage.” Yet these same leaders report that strategies for spurring innovation in their companies elude them. Too many barriers exist. Why?