The Innovation Challenge

Creativity and innovation are not the same thing. In most organizations there are many good creative ideas that never move into the action phase, and, therefore, do not become innovations. Both creativity and innovation are very relevant to strategic management. It is the ability to innovate that determines much of what an organization is able to do. Innovative capability provides the organization with bricks from which a strategy can be formed and which can eventually evolve into a bastion of strong competitive advantage. Innovation, therefore, remains one of the challenges facing strategic management today. The Innovation Challenge recognizes the fundamental importance of innovation to strategic management. It is built on the central thesis that long–term success is, to a large degree, dependent on the implementation of new products, methods and processes. The Innovation Challenge is the second volume in the Wiley Series in Contemporary Strategic Concerns. Also available in the series is The Implementation Challenge (0–471–96589–8).