Some companies are applying them now
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McKinsey Classics | July 2020
 
Eight essentials for innovation
Eight essentials for innovation
Big incumbent companies, finding it easier to execute than to innovate, generally optimize their existing businesses rather than generate new ones. Yet some large organizations do excel at transforming themselves. A number of years ago, McKinsey decided to learn what makes those organizations different by conducting a study that included workshops, in-depth interviews, and surveys of more than 2,500 executives in upward of 300 companies—both leaders and laggards in many industries and nations.
We found that every high-performing product, process, or business-model innovator has eight essential attributes that structure, organize, and encourage new business ideas. Four of these attributes are strategic and creative, setting the terms and conditions that make innovation thrive. The rest help companies develop and use innovations that improve their overall performance in a meaningful way—repeatedly, over time.
Read “The eight essentials of innovation” (2015) to learn more. And for a look at how some companies are applying the essentials right now, during a global pandemic that’s disrupting the whole world economy, read “Innovation in a crisis: Why it is more critical than ever” (2020).
Learn how big companies can innovate
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