ABSTRACT
It is a truism to say that innovation matters in the turbulent environments which characterise the current global economy. Renewing what a firm offers and the way it creates and delivers that offering (product and process innovation) is becoming an essential and core process necessary to the survival of the business (Brown et al. 2000). The alternative view – which sees innovation as an occasional ‘luxury’ option which firms can choose to indulge in or not – is not really tenable. Recent history points to a host of examples which highlight the risks involved in the latter course; even the largest firms are not immune to the dangers of complacency and lack of change. Analysis of the Fortune 500 firms over any extended period reveals how fragile the survival rates of modern businesses are, and the mortality rates for smaller enterprises are much worse. Put simply, the challenge today is one of innovation – continuous rather than occasional, and not just change for its own sake, but linked to a clear strategic focus.
