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In the discussion of optimizing sustainable Innovation programs, here is the key: Value Creation. The real challenge is successfully managing the process and ensuring that the positive outcome results in superior return-on-investment (ROI).
- A Means to an End: Think of Innovation as a process that uses intellectual capital to generate positive business results and, in the process, new findings – which spurs more Innovation, and leads to further financial returns, etc. etc.
- The Customer is King: The value proposition is the key to successful Innovation. Develop an Innovation with high perceived value to your customer, and strong sales will follow.
- IP Protection: Part of the three-legged stool (technology – business acumen – law) I referenced earlier, IP and patent protection locks in your competitive advantage that supports the sales results and market share increases that result in overall stakeholder value.