The Corporate Innovation Machine
Posted by Panagiotis Tsarchopoulos at 1 June 2006 in Virtual Innovation Environment
Jeffrey Baumgartner, the founder of the jpb.com group of companies, has published a whitepaper describing a model for understanding how to implement an effective, idea management based innovation strategy in your firm. He entitled this methodology the Corporate Innovation Machine.
As with any machine, the corporate innovation machine comprises several components, all of which must work together for the machine to work properly. When the entire machine does work, it builds ideas, evaluates those ideas and implements the best ideas as new product, service and operational improvements which translate into increased revenues for your firm. This paper explains the basic principles behind the innovation machine strategy.