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Given the democratization and globalization of innovation seen in recent years, companies must be allowed to tap freely into the brainpower of billions of innovators-in-waiting worldwide if they are to remain competitive.
FORBES: Innovation Works Best When Government Does Least
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In an era of hyper competition, shrinking product life cycles and globalization, enterprises are exploring everywhere for ways to boost innovation and performance.
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Both men agreed also that technology and innovation are important to economic well-being, globalization, and the future of human prosperity.
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Trends include the globalization of trade and interconnected nature of supply chains, the growing importance of innovation and information technology to competitiveness, and the rise of overseas markets as a critical source of production and economic opportunity.
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This CHRO told me that among all the issues he has to address, including globalization, leadership, recruiting, and many other challenges, his biggest strategy is to drive innovation.
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Narrow innovation is essentially about serving the slender market segments that the long tail and globalization bring.
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With manufacturing and services going to China and India respectively, both countries overtime have been improving the living standards of its own people and developing their domestic markets but inconspicuously laying the foundations of their own innovation ecosystems that is funded through globalization.
FORBES: The locus of innovation has shifted away from the U.S.