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Wednesday, August 13, 2008

Innovation and Execution - Part II

There's a perception that large companies are the primary drivers of innovation. Reality, however, tells us that it's the small and midsized businesses that provide most of the innovation that propels economic growth.

In the July/August issue of The American, CEO Carl Schramm and researcher Robert Litan from the Kauffman Foundation offer their take in "The Growth Solution."

In the article, they lay out a seven step plan for achieving a high-growth, entrepreneurial economy through “radical innovation.”

Here's a quick summary:

  1. Create a skilled work force.
  2. Embrace high-skilled immigrants.
  3. Rethink the intellectual property system.
  4. Embrace global trade.
  5. Reform health insurance.
  6. Reduce poverty.
  7. Address climate change.
BOTTOMLINE: While these are all worthy steps in the march toward an entrepreneurial economy, it seems that the brush is broader than any one organization can paint. In order to participate in the next wave of innovation, organizations must understand that to innovate, all members of the organization need to fully understand its strategy and how their daily activities support that strategy. Aligning every person every day with the goals of the organization, and measuring progress continually, is the first step toward innovating purposefully.

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