Creating a Culture of Innovation

8:45 am - 9:45 am,

Nils Fonstad, SM ‘96, PhD ‘03, MIT Sloan Center for Information Systems Research (@NilsFonstad)

In their rush to be more innovative, many executives are focusing only on increasing inputs, such as the number of teams launching innovation efforts and the number of start-ups they support each year, and are losing sight of the resulting outcomes. They end up accumulating “fondue sets” – innovations that may be nice to have, but add little if any business value. We’ll describe how firms have successfully transformed their approach to innovation to one focused on insights and outcomes, organized around empowered, cross-functional teams. These firms generate innovations that are of significantly more value quicker.