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Fortune 1000 Companies

By Scott Oldach and Tammy D'Amato and Lindsay Gilroy of Patent Board™

Innovation is essential in today’s corporations, especially in an economic downturn, where new, more efficient and effective products and services are necessary just to survive.   Economic downturns are also opportunities for companies to plant the seeds of future competitive advantage though customer-driven change.  In short, innovation is essential now and can emerge in many forms including; Product or Service Innovation, Technology Innovation, Business Model Innovation, Design Innovation or an overall Innovation Process.  For example, the Kindle – a new wireless reading device - shows multiple forms of innovation.  A new product (mobile electronic book) is combined with a new service (automated download of book content) and new technology (electronic print presentation) all bundled in a new business model (best selling hard cover books delivered at paperback prices).  The sum of all this innovation hit a home run last Christmas and generated a unique new revenue stream for Amazon. 

Fortune 1000 corporations often find it difficult to drive innovation into new revenue streams.  These organizations do innovative work, but often the firms have too much innovation and need to develop processes to channel this innovation into commercial success.  The corporate DNA that supports historic success often inhibits new innovation by forcing it through these s...

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