Are companies more innovative than ever before? Judging from the vast number of Fortune 500 companies professing their commitment to innovation, the answer is yes.
But we sense that the more a company talks, thinks, and strategizes about innovation, the less real, big innovation it produces. Take the electronics maker Philips, which introduced one of the world’s first electronic razors, the compact cassette, the CD, and many other game-changing inventions. In more recent years, Philips has been a fixture at innovation and design conferences, presenting impressive strategies, road maps, and processes. The company commands impressive sales--its market cap is about $15 billion--but most people would be hard-pressed to think of a recent exciting breakthrough from the Dutch company. Nokia, also a self-proclaimed innovation leader, is another example of a company that has been very good at innovation strategizing but not so good at following through on its promise.
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