Innovation is more than just a good idea: Creative thinking + strategic leadership=results

Abstract

Purpose

This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies.

Design/methodology/approach

This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context.

Findings

Innovate or be damned may be the commercial mantra for the twenty‐first century as businesses where creative thinking is not valued and nurtured will struggle to compete with more visionary enterprises. Innovation is essential in today's rapidly changing world but it is nevertheless a difficult concept to define. Many people equate innovation with invention yet it is often more to do with thinking differently about existing products and services. Another myth about innovation is that it always leads to radical change, while Singleton and Bester argue that small incremental changes can be equally innovative and are often overlooked. The Organization for Economic Co‐operation and Development (OECD) describes innovation as “new products, business processes and organic changes that create wealth or social welfare”

Practical implications

The paper provides strategic insights and practical thinking that have influenced some of the world's leading organizations.

Originality/value

The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy‐to‐digest format.

Citation

(2008), "Innovation is more than just a good idea: Creative thinking + strategic leadership=results", Strategic Direction, Vol. 24 No. 8, pp. 25-27. https://doi.org/10.1108/02580540810884638