A Little Background
What is Fast Innovation?
The process of creating new products, services, processes, business models and markets with sufficient differentiation and speed such that the company maintains above-average shareholder return for decades.
Fast Innovation makes pretty lofty promises on the book jacket…
- Why current approaches to innovation fail
- A new strategic and tactical plan that will help your company dramatically reduce time-to-market by 50 to 80 percent
- The secret for finding out what your customers really want (not just what they say they want)
- Tools and methods for turning customer insights into ideas that will generate significant ROI
- The key levers senior leadership must engage to create innovation capability across the business
Searching the subject “innovation” on Amazon.com reveals nearly 275,000 books…1,444 have been released in the last 90 days. Why so much focus on this topic? Mr. George lays out the following case…
- Currently 90% of companies cannot sustain above-average shareholder returns for more than a decade
- Boston Consulting Group survey showed that 90% of CEOs are counting on organic growth through innovation
- A 2004 survey of CEOs by The Economist revealed that in more than half the companies, at least 25% of their revenue is derived from products and services less than three years old
- In 1998 the average lifetime on the S&P 500 was 10 years, compared to 65+ years in the 1920s and ‘30s (to the predecessor to the S&P 500)
