March 22, 2003

ITBusiness.ca Companies often say they thrive on innovative ideas that transform or improve their products and services. The economic downturn, however, has forced many of them to refocus their efforts on what's proven and profitable. The result is an increased tension between the need to fund research and pay attention in the bottom line. Even seasoned inventors are feeling the pressure... Michael Raynor, a director with Deloitte Research in Toronto and author of The Innovator's Solution, says approximately 80 per cent of all R&D projects fail, which naturally makes companies shy about investing in high-risk or "disruptive" innovation projects... The tricky part of managing innovation is figuring out when customer shifts will occur. One technique is to involve customers in the innovation process by setting up formal councils....

Comment: This is so how I feel somedays...

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