Funding Growth in an Age of Austerity

• May 27, 2008
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You know you can't outgrow your competitors unless you out-innovate them. But in an era of rampant R&D belt-tightening, how can you squeeze more innovation out of every dollar you invest? First, don't leave innovation to the "experts"; instead, turn all of your employees into innovators. Whirlpool, for instance, trains its 15,000 salaried employees on how to generate innovative ideas. Also, look beyond incremental product or service enhancements for truly radical ideas. And conduct small, inexpensive, low-risk experiments to test new ideas commercial promise. Finally, augment your internal innovation efforts with external resources—such as communities of consumers who are passionate about the same things as your workforce and are dreaming up creative ideas themselves. The competitive field favors companies that do more with less. Take W.L. Gore. The company's wildly successful signature product, waterproof...