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All companies in each sector needs an innovation strategy - if innovation of high-tech products, packaging innovation in consumer goods or process innovation in financial services firms. Now more than ever, innovation is key to the growth of the acquisition and maintenance of competitive advantage and build shareholder value in the long term. At the same time, the process of innovation is increasingly open and global: setting up shop in local markets around the world and get customers more involved in innovation efforts are now a vital part of any effort successful innovation.
The development of innovation capacity powerful is no easy task. Strategy & 's practice innovation has proven time and again, in its annual Global Innovation 1000 investigation that there is no correlation between the amount of money a company spends on research and development and overall financial performance. Instead, success depends on a variety of factors, including the opening of a company to new ideas, their ability to manage innovation projects from conception to market introduction, to kill the project from the beginning, if necessary, and attach the new product development strongly to specific sales, marketing and financial objectives.
The development of innovation capacity powerful is no easy task. Strategy & 's practice innovation has proven time and again, in its annual Global Innovation 1000 investigation that there is no correlation between the amount of money a company spends on research and development and overall financial performance. Instead, success depends on a variety of factors, including the opening of a company to new ideas, their ability to manage innovation projects from conception to market introduction, to kill the project from the beginning, if necessary, and attach the new product development strongly to specific sales, marketing and financial objectives.