An Innovation Best Practices Study led by Tom Agan, Managing Partner at innovation and brand consultancy Rivia, reveals why top-performing companies average 600 times more revenue from their new products and business practices than the lowest-performers.
Unique Study Approach
While working as a Senior Executive at The Nielsen Company, Tom surveyed impartial Nielsen observers at nearly 30 Consumer Packaged Goods (CPG) companies –- including Kraft, Unilever and Procter & Gamble –- asking 50+ in-depth questions to examine the link between actual revenue from new products, and organizational innovation and design practices.
The findings from the study inspire confidence because they:
- Are consistent across different aspects of innovation
- Align with decades of academic research on mergers and acquisitions
- Demonstrate a smooth trend line across the range of responses
- Show significant differences –- 40% to over 200% more new product revenue –-when a best practice is employed
- Closely reflect the practices of celebrated innovators such as Jobs and Edison
Key Best Practices
The study identified twelve innovation best practices, three of which stand out as having major financial impact:
- CEOs and top-level executives need to select one of two clearly defined leadership roles for innovation. Using other leadership approaches can reduce revenue from new products by up to 80%.
- There is an optimal number and proper usage of stage-gates (points during the innovation process at which a decision is made to proceed or not). If implemented correctly, these stage-gates can increase revenue from new products by more than 130%.
- Organization leaders must learn from past successes and failures. This report identifies three specific practices to enhance learning, which can increase new-product revenue by 200% or more.
Rivia, an innovation and brand consultancy, is partnering with Impact International, experts in leadership development, to offer a unique integration of leadership development programs and innovation consulting services, based on these proven best practices. In addition to the U.S., the blended programs will be available internationally, taking advantage of the considerable global presence of both firms.
For more information, visit www.impactinternational.com or www.rivia.com or contact Ted Gemmell at Impact International, +1-610-251-9503, firstname.lastname@example.org or John Bianco at Rivia, +1-757-278-1635, email@example.com.