How P & G Tripled Its Innovation Success Rate Summary

Discuss the roles of early adopters and network developments in the market acceptance process of innovation

In addition, I will review how certain processes and systems could hinder innovation. Lastly, I will explain what organizational structures or processes could foster a culture of innovation at my present employer. [Good work suggesting the scope and purpose for the assignment. I’ll look to see how you make your points including your research and support for your analysis.]

“Innovation is definitely not self-starting or self-perpetuating. People make it happen through their imagination, will power, and perseverance” (Kelley and Littman.2005.p. 6). I believe that an innovation leader is a person who empower himself with knowledge and skills to support others and create a change. My personal definition of innovation is “when people work hard to create a change and transfer their positive ideas into actions.” My personal philosophy of innovation is influenced by the book The Ten Faces of Innovation. From this book I learned that people can play different roles in their lives to be a good innovators. For example, in a hospital the head nurse can play the Anthropologist role and come up with new insights to

My personal philosophy of innovation encompasses many ideas. It is not only thinking outside of the box, but questioning why the box is even necessary. It is about creating opportunity out of disappointment, being open to different, and unafraid of being vulnerable. It is about breathing, living, and embodying the change that you want to see in the world and exploring new paths in achieving that change. Innovation is being courageously defiant in the face of the universe shouting “You can’t” and replying with a resounding “Watch me”.

The Breakthrough Innovation Framework, or BrinnovationTM, incorporates Kotter’s Leading Change model, while emphasizing a framework of innovation (Gupta, 2011). The Brinnovation framework accentuates the abilities and talents of those in the system, with its success depending on a change in the organization’s culture to embrace innovation (Gupta, 2011). The leadership can achieve a transformation in organizational thinking by applying Kotter’s eight-step plan, focusing on creativity (Gupta, 2011).

According to the financial report given, General Mills is an insolvent business. This is because even after making sum purchases and general expenses; it is still able to settle for them through its everyday operation. The various sources of money are also evidenced from the financial report.

The Procter & Gamble has vast differentiated products due to its innovation culture. This is not just the invention of new products and services, but the ability to systematically convert ideas into new offerings that alter the very context of the business (Charan, 2008). The product differentiation allows the P&G to charge premium price for its products and assists to capture market share from its rivals by increasing the product demand.

P&G need to work hard and do more research and development in order to produce higher quality, more innovative, and more unique in products in order to answer consumer’s need and compete with those major world brand competitors.

Q1. How has 3M’s innovation process evolved since the company was founded? Why, if at all, does 3M, known as the “hothouse” of innovation, need to regain historic closeness to the customer?

To integrate innovation at General Mills Canada, and ultimately increase sales, Brad Taylor needs to implement at least four changes. One solution is to set a mandatory time outside of the workday so that members of different departments can meet and share ideas, such as corporate sponsored events. According to Professors John Bessant and Joe Tidd, innovation tends to come from “bottom up team initiatives,” as seen from IBM’s success during Lou Gerstner’s tenure. , If low-level employees can associate, they can construct better ideas. A second solution to General Mills Canada’s problem is to “exploit their resources.” The idea is for employees to increase the efficiency of what they already do. They can increase innovation in this area by implementing new software to speed up any processes, or use the data from software to forecast demand and sales in a better way. , If they make their processes better than their competitors, they can gain a competitive advantage. A third solution is to create a balance between risk taking and stability. General Mills Canada must encourage employees to speak up in meetings when they have ideas or spot potential business opportunities. When upper level management encourages these initiatives, it will drive the employees’ risk aversion down and hopefully promote innovative thinking. Finally, General Mills Canada needs to increase the size of their prototype division.

From many of these examples and articles, we can gather much information over the relationship between innovation and strategic management. Although, some areas may not be proven in its fullest capacity, there are undoubtedly ways that innovation improved business operations and practices, which can be seen in examples such as Apple, Microsoft, Dominos, and Samsung. On the other hand, not every business incorporating innovation is a success story. In the dynamic days we find ourselves in today, business and organizations are digging deeper into the wells of innovation. We have all come to enjoy the benefits and I am not sure of anyone that would want to

Abstract: This report explores P&G's "Connect and Develop" open innovation initiative. Its focus is to analyse this innovation strategy in the context of the formal academic theory, other P&G's programmes and the company situation. Its objective is to understand the impacts, challenges and problems of implementing a large open innovation initiative inside a corporate giant such as P&G. Keywords: Procter & Gamble, P&G, Open Innovation, Connect and Develop, Innovation Networks

Pfizer Inc is a multinational investment company. It ventures in the medical and pharmaceutical industry. It is renowned as a giant pharmaceutical company, founded in 1849. It is based in the United States, New York, Manhattan at Midtown. It is the largest universal producer and trader of pharmaceuticals (Turner, 2005, pg 161). Some of the products availed to the market by the company are Lipitor, Lyrica, Diflucan, Zithromax, Zoloft, Viagra and Celebrex. These products are targeted to patients and persons in need of enhancements in their body systems and anatomy. It has an employee capacity of 12000 people in all its departmental sectors and sub-branches. The sub-branches are distributed all over and in all continents (Turner, 2005, pg 163).

This market is a well established market and P&G would have competition from existing companies and businesses since they include similar resources and advertising techniques. The competing companies and firms produce similar products and as such new ideas and innovation is necessary for the survival of P&G.

Companies live and breathe innovation; or, at the terribly least, notice it basic to their success. Such companies are those that others ought to emulate for they recognize that to do business, as Peter Drucker prompt in an exceedingly recent Harvard Business review article, “Every firm—not simply businesses—needs one core competence: innovation.”