Dow and innovation: A broader search for success

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

According to Alan Kay, inventing the future is the best way of predicting what is going to happen. However, the wise words of this eminent US computer scientist are not taken on board in every company. Such firms are skeptical towards innovation and accordingly cagey in their approach. There is no denying that innovation equals uncertainty and is clearly a risk‐laden pursuit at the best of times. Many organizations therefore play safe by confining their search for new knowledge to existing domains. This means that specific ways of thinking dominate and management is biased towards channels it is already familiar with. Some might argue that sticking to the tried and trusted makes sense. However, any reluctance to look further afield for solutions hardly maximizes the chances of success. And adopting a narrow focus raises the danger of complacency creeping into the equation. Why? Because some leaders suppose that familiarity with the research domain will make innovations easier to identify. In the long run, that can prove a costly assumption to make.

Practical implications

Organizations can enhance prospects of successful innovation by setting broader objectives and considering knowledge and information from a wide variety of sources. A funding bias towards projects with greater potential should be adopted.

Social implications

Exploring potential new energy sources and technological advancements can help firms to operate more efficiently and reduce their carbon footprint.

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

(2010), "Dow and innovation: A broader search for success", Strategic Direction, Vol. 26 No. 8, pp. 12-15. https://doi.org/10.1108/02580541011055661