Seven rules for managing, profiting from innovation

In 1967, "plastics" was the one word of career advice for Dustin Hoffman in "The Graduate." Today, "innovation" is the one word of advice for every business in the United States.

Innovation drives change. It is the foundation for increasing sales and margins. Companies that innovate successfully will thrive. Companies that don’t innovate will face unbearable pressures from both innovative domestic competitors and low-cost competitors in China and other emerging countries.

However, most companies are weak at innovation. Moreover, they don’t have the knowledge, organizational structure or processes to become more innovative.

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