The Middle Path to Innovation

An innovation crisis is plaguing the US, with numerous companies, both large and small, failing to innovate. This failure to innovate is attributed to the polarized approach that companies take towards innovation. On one end of the spectrum, corporate research and development efforts tend to focus o...

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Bibliographic Details
Published in:Harvard business review 2024-07, p.1
Main Authors: Herzlinger, Regina E, Rohlen, Duke, Creo, Ben, Kynes, Will
Format: Magazinearticle
Language:English
Subjects:
Innovations
Labor productivity
Technological change
Online Access:Get full text
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Summary:An innovation crisis is plaguing the US, with numerous companies, both large and small, failing to innovate. This failure to innovate is attributed to the polarized approach that companies take towards innovation. On one end of the spectrum, corporate research and development efforts tend to focus on product refreshes and incremental line upgrades, resulting in a lack of meaningful advancements. This approach hinders the solving of problems, the invention of new technologies, and the creation of valuable jobs. The consequences of this innovation deficit are significant, with lost productivity estimated to have cost the economy over 10 trillion dollars between 2006 and 2018, equivalent to approximately 95,000 dollars per US worker. Here, Herzlinger et al highlight the urgent need for companies to adopt a middle path to innovation.
ISSN:0017-8012