Building Differentiating Capabilities for Innovation

Innovation remains hard to manage, as we try to systematize and replicate success without considering the varying factors that contributed to previous achievements. It is vital to build innovation capabilities and competencies that are adaptive, unique, and distinctive to the specific context and circumstance. Focusing on strategic goals, linking to a clear sense of purpose, translating knowledge into value, achieving impact and intensity, building capacity to perform, aligning people, technology, and innovation, exploring and exploiting, and creating sustainable value are all necessary components of building effective innovation capabilities. Companies must prioritize these competencies if they believe innovation is crucial to their future success.