Building Innovation into the Business Plan

Businesses fail when markets shift, customers move on, or — worst case scenario — companies lose their creative edge. 

No model is perfect, but Harvard Business School professor Josh Lerner says innovation is the best predictor of a company's success. It safeguards against inevitable ebbs and flows, and may lead to new discoveries and revenue streams. But how do you cultivate innovation? What's the difference between companies that can see around the next corner - like Apple - and those that can't - like Motorola? Today, we find out.

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• Josh Lerner, professor of investment banking at Harvard Business School, and the author of The Architecture of Innovation: The Economics of Creative Organizations.