Woolworth, AltaVista, Compaq, Blockbuster, Polaroid, Blackberry – What do they have in common? They were once leaders in their respective fields but did not successfully innovate to meet quickly changing market conditions. Today these brands are no longer thriving and have been replaced by popular brands such as Walmart, Google, Amazon, Apple, Netflix, and Samsung.
Successful business leaders understand that if you don’t continually innovate, eventually the company that you are leading will succumb to those in your industry who will create and offer more attractive products and services. They understand that successful organizations must create an innovative culture, have a new product development system in place, embrace failure, and passionately pursue improvement.
We asked 16 successful business leaders and innovators: “What lessons have you learned about being innovative and what can you share about how to best lead the creation and successful execution of new products and services?”