Strategic and organisational factors are two key parameters that separate successful big-company innovators from the rest, according to an article by McKinsey Quarterly. The authors Marc de Jong, Nathan Marston and Erik Roth of McKinsey in the article say that innovation is difficult for well-established companies.
They say it is hard for such organisations to innovate, yet many large ones as diverse as Alcoa, the Discovery Group, and NASA’s Ames Research Center are actually doing so. What can other companies learn from their approaches and attributes? That question formed the core of a multiyear study comprising in-depth interviews, workshops and surveys of more than 2,500 executives in over 300 companies, in a broad set of industries and countries. What McKinsey authors found were a set of eight essential attributes that are present, either in part or in full, at every big company that’s a high performer in product, process, or business-model innovation. Read the whole report here