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Innovation & Institutions, Will it Blend?
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Finding Innovation Help Next Door, Even in your Past, Forgotten Experience | Innovation Excellence |

Finding Innovation Help Next Door, Even in your Past, Forgotten Experience | Innovation Excellence | | Innovation & Institutions, Will it Blend? | Scoop.it

Great examples of ways to cultivate innovation - other companies in other industries, other verticals:  “Who else has solved a similar problem?”


A medical device company that made angioplasty equipment wanted to create a computer simulation that would predict how the “balloon” would expand.


Where did they turn for an accurate computer model?


In the past, they worked with car manufacturers and built statistical models that simulated the expansion and contraction of airbags. This proved to be a wildly accurate way of predicting how a balloon catheter would operate.


When you are working on your next business challenge, ask yourself:

“Who else has solved a similar problem?”


In doing so, you might significantly accelerate your innovation effort.


Blog author Stephen Shapiro is the author of five books including “Best Practices Are Stupid” and “Personality Poker” (both published by Penguin). 

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Scooped by Deb Nystrom, REVELN
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P&G Success Formula > Culture: Improving Lives Through Innovation

P&G Success Formula > Culture: Improving Lives Through Innovation | Innovation & Institutions, Will it Blend? | Scoop.it

McDonald Outlines P&G Success Formula: Improving Lives Through Innovation...

 

Saying Procter and Gamble’s unrelenting focus on innovation is “at the heart of everything we do,” P&G Chairman, President and Chief Executive Officer Bob McDonald recently talked about the company’s keys to success during fiscal year 2011 in spite of the tough global economic conditions, presented at the company’s annual Shareholder’s Meeting in Cincinnati.


“Innovation is the primary way we fulfill our Purpose,” he said. “It’s the driving force behind our strategy, as it always has been at P&G.

 

>>>  Our experience has proven that promotions may win a quarter here and there, but innovation wins decades.”


As he addressed the shareholders in attendance, Bob said the company entered Fiscal 2011 with three clear objectives:


=> Execute the company’s purpose-inspired growth strategy;
=>Grow market share by growing organic sales one to two percentage points ahead of underlying market growth rates; and
=>Grow core earnings per share in the range of 7% to 9%.

 

And, in spite of significant business and economic challenges, Bob said the company managed to meet or exceed goals for each of the objectives.

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