Top 20 Insights
Almost 40% of the companies on 1999’s Fortune 500 list were no longer in existence ten years later. This fact underscores the importance of continuous evolution and innovation.
On average, the world’s most innovative companies use 3.6 different types of innovation in a single new product or service, whereas average innovators only use 1.8 types of innovation altogether. Combining the types makes moves harder to replicate by competitors.
Hyatt uses “lab hotels” to find innovative solutions to recurring problems. A select number of its 488 global hotels have between 7 and 9 experiments running at the same time. Successful experiments then get implemented.
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“innovation must always come first for Nike to stay at the cutting edge. So it’s a constant balancing act between investing in the slow, deliberate process of developing technology and keeping up with the latest styles. “We’re very aware of trends, but in order to push forward on our innovation agenda, we work on long lead times,”
“Our customers are loyal to us right up until the second somebody offers them a better service,” he says. “And I love that. It’s super-motivating for us.”