INSEAD professor provides practical approach for managing innovation in today’s complex business environment
The new realities of today’s business environment have shifted the boundaries of innovation, placing a renewed emphasis on creating new services and business models. INSEAD Professor David Midgley takes a fresh approach to the topic of innovation in his new book, ‘The Innovation Manual,’ (Wiley, 2009). Geared specifically towards managers and executives, Midgley shows how firms can keep pace by changing management practices in order to keep their innovation relevant and of value to their customers and shareholders.
Midgley emphasises how innovation is one of the least well-managed areas in most companies and identifies ways in which executives can approach innovation differently to achieve greater success. The book highlights five key tasks the organisation needs to perform to create value in the minds of customers, including:
- Chartering innovation within the organisation
- Selecting, preparing and supporting the right team
- Co-creating the innovation with customers
- Changing the organisation to deliver the innovation
- Building the market for the innovation
Unlike other business books on innovation, Midgley takes a new approach by incorporating the essentials of innovation management into one functional, easily comprehendible manual. He provides frameworks and tools that managers can apply directly within their companies to make a greater, more immediate impact on innovation. The book is based on a sound framework for how customers accept or reject innovations.
‘This is a definitive book destined to become a key reference for executives and managers. Solidly based in theory and best practice, comprehensive in coverage and oriented to action. The title says it all, a manual for innovators, everywhere,’ said Pierre Pringuet, Chairman and CEO, Pernod Ricard.
To survive in today’s global business marketplace, companies need to develop new products, services and business models to achieve sustainable innovation. Amid the current economic downturn, Midgley's approach is highly relevant and demonstrates how companies can create opportunities to further enhance their innovation strategies by redefining value and launching new services.
‘The Innovation Manual’ will appeal to managers, especially those at large companies, who are looking to refresh their approach to innovation. Midgley shows how to set a clear direction for innovation ‘hot spots’ within the organisation, how to
position the right people into innovation teams and work with customers as partners in development.
Midgley is currently a Professor of Marketing at INSEAD where he teaches the Market Driving Strategies course and directs executive education programmes for blue chip companies such as Pernod Ricard and Syngenta. Professor Midgley has over 100 publications, including papers in leading journals such as the Journal of Consumer Research, Journal of Information Technology, Management Science and Journal of Marketing Research.
