How relevant is innovation to you? According to McKinsey Insights, 84% of global executives believe innovation is extremely important, but only 6% are happy with their innovation performance. What can you do about this problem? In this presentation, McKinsey innovation expert Nathan Marston explains why innovation is ‘increasingly important to driving corporate growth’ and presents the ‘eight essentials of innovation performance’.
To start with, ‘chances are you don’t know as a company what you know,’ says Marston. ‘Investing to bring ideas and knowledge together, people together is one of the more powerful ways to raise your innovation as a whole.’ Getting innovation involved with your strategic decisions and developing the right incentives policies are also essential, he adds.
What makes some companies innovative and others less so?
The answer, Marston believes, lies in the eight essentials of innovation: aspire, choose, discover, evolve, accelerate, scale, extend and mobilise – which he explains in detail here.