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HBOK 1-201

Title All Over the Map
Author(s) Peter Merrill
Source Quality Progress
Topic Engaging and Empowering the Workforce
Abstract Companies seeking to go beyond the expectations of customers do so through innovation. Innovation consists of two phases, the creative and the execution, and five steps: identifying market opportunities, creating conceptual solutions, selecting one of those solutions, making the solution user-friendly, and delivering the solution. This process was analyzed for 139 countries by the World Economic Foundation (WEF). Japan is strong in R&D investing and work ethic, but not as good on research institutes and industry collaboration. Germany has similar strengths and weaknesses, but it also has greater access to new technology. The United States has good research institutes, industry collaboration, and government procurement, but poor corporate R&D spending and technology acquisition. Other highly-ranked innovators included a large cluster of Nordic countries, the United Kingdom, France, Taiwan, South Korea, China, India, and Canada. The WEF analysis identifies seven basic lessons for innovators: explore global markets, develop as many ideas as possible, collaborate, spend time and money on execution, create a well-defined innovation process, integrate the creative phase into the organization, and execute quickly and effectively.
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