This study focused on the state of innovation in today’s businesses. We found that Innovation-driven companies observe certain practices. These were CEO involvement, supportive cultures of innovation, rewards for innovation, communication, metrics, hiring practices that support innovation, budget allocations for innovation, and an innovative vision. In addition, it supported the notion that innovation-driven companies practiced systemic innovation as opposed to innovation-shy companies. Open communication appears to contribute to systemic innovation by reducing fear of risk taking.
It is critical to point out that, fear, the major obstacle in the pursuit of innovation, can be eliminated with the right communication among team members. Also, reward systems reinforce innovation and play significant role in motivating employees to participate in systemic innovation.
This study also looked at how well business schools prepare students to contribute to the innovation initiatives in organizations. The results were somewhat alarming in that the gap between the two parties is significant.