Increasing Pace of Innovation : The Innovation Cube Model

Innovation is the essence of humanity’s progress. Well-known internal corporate R&D and innovation centers like AT&T Bell Labs and Xerox PARC have been quite prolific in generating innovations in the post-World War II era and even received several Nobel prizes. Interestingly, it is often impossible to always count on internal innovations: big companies need to source new technologies and ideas from outside rather than developing them all internally. Internet exponentially enhanced the pace of global innovations. With lower entry barriers and relatively easier availability of financing, innovators are increasing in numbers. In fact, new out-of-the-box innovations are emanating from smaller entrepreneurial startup organizations. ‘Innovation Cube’ is offered as a visualization tool to help refine the annual and longer-term strategic vision for a company in conjunction with recommendations regarding ways to source, develop and leverage radical innovation versus Incremental/Evolutionary Innovations