Innovation is a game for team players : New R&D strategies keep industries in the ballpark

Purpose – Reviews the latest management developments across the globe and pinpoints 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 – Innovation has been the name of the game ever since the Industrial Revolution. Developing new and better products, or creating more efficient methods of producing existing goods has always been the key to capturing a bigger and better share of the market. However, in today's consumer society, innovation is as much about creating demand as it is about fulfilling existing needs. The product life cycle of goods grows shorter every year as industries rush to corner the market with the newest “must have” products. Any company content to sit back and churn out the same tried and tested standard will soon find itself right out on the left wing, or off the pitch entirely. To survive, firms must innovate. At one time innovation was the provenance of the eccentric inventor who may have taken years before reaching that “Eureka” moment heralding the invention of a marketable product. Today's industrial innovators need to be much more consistent. The fact that only about one in ten prototypes actually makes it through to production has remained fairly consistent. What has changed is the total number of innovative ideas being worked on at any one time. So how can companies cope with the sheer volume of research and development (R&D) activities required to ensure that they make it into the running for the innovation stakes? The answer is teamwork. Practical implications – 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.