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The 8 Essentials of Innovation

Innovation Risk- the 8Essentials of Innovation OERMA Discover new possibilities #DiscoverRisk McKinsey found a set of eight essential attributes in Innovation Practices that are present, either in part or in full, at every big company thať's a high performer in product, process, or business-model innovation. Key question to understand the eight essentials. 1. Aspire: Do you regard innovation-led growth as critical, and do you have cascaded targets that reflect this? 2. Choose: 3. Discover: Do you invest in a coherent, time-balanced and risk-balanced Do you have differentiated business, market, and technology insight that translate into winning value proportions? portfolio or initiatives with sufficient resources to win? 4. Evolve: 5. Accelerate: 6. Scale: Do you launch innovations at Do you create more business models that Do you beat the competition by developing and launching innovations quickly and effectively? provide defensible and the right scale in the relevant markets and scalable profit 7. Extend: Do you win by creating and capitalizing on external networks? sources? segments? 8. Mobilize: Are your people motivated, rewarded, and organized to innovate repeatedly? Source: McKinsey This infographic is presented by ERMA, Enterprise Risk Management Academy, based on the finding of a research conducted by the respective research firm. Visit to get more insightful information on risk management CONNECT WITH ERMA | y @ERMAcademy in erm-academy

The 8 Essentials of Innovation

shared by ermacademy on Apr 28
91 percent of the executives responding to a survey by Accenture believe innovation is critical to their company’s growth and survival. Yet, only 57 percent consider their companies to be early adop...



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