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The themes in HBR’s 10 Must Reads on Innovation are highly relevant to contemporary issues and debates. Innovation is a key driver of economic growth and competitiveness, and is at the heart of solving many of today's challenges, from technological advancement to sustainability. The book provides insights into the structured process of innovation, which is crucial in today's rapidly changing business environment. It emphasizes the need for companies to take risks and innovate, rather than relying on current offerings. This is particularly relevant in the context of ongoing debates about the need for businesses to adapt and innovate in response to emerging trends and challenges.
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Innovation is more than creativity; it is a process that is structured, with rules and best practices. This summary gives you some of the key takeaway...
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Without any evidence to support predictable outcomes, many companies choose to do nothing. They assume that the current offerings of their business will continue to produce sufficient profits, so it is easier just to say "no" rather than take the risk. However, by avoiding the risk, companies are also avoiding any potential rewards that can be extracted by innovating. Companies need to develop a better understanding of the innovation process so they can create new rules for how these ventures are funded. These companies must understand that while innovating is unpredictable, it is also something that can be measured, limiting the risk.
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