From the Herman Trend Newsletter:
BCG also highlights six practices of the most innovative companies and explores how those practices have played out at innovation leaders across a range of industries:
1) Get the customer involved early.
2) Use data to drive tough decision-making.
3) Think strategically about tradeoffs.
4) Ensure senior leadership commitment.
5) Envision innovation as a holistic system.
6) Optimize intellectual property to create value.
I think that is a spot-on list. I was drawn to number 3 – think strategically about tradeoffs. In dealing with smaller, entrepreneurial companies, I see the founders often fail in this area (fail to the point of liquidating). It is critical to think strategically (i.e. objectively) when setting course or changing direction in an innovative company no matter what size.