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Innovation

3 Key Principles for Maintaining a Cycle of Continuous Innovation

At the turn of the century, the average lifespan of a major company was 67 years. Now, if a company is on the S&P 500, its average lifespan is about 15 years. The unfortunate fact is that many companies begin with great success and fail to renew themselves. It’s those that pursue a continuous process of growth through innovation on all fronts—business model, products, marketing strategy, and business relationships—that thrive.

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Public Utility Company Exelon Shows Other Sectors and Firms How to Be Innovative

Businesswoman standing looking at marketing flowchart in desert setting

Exelon is a Chicago-based public utility—a traditional, conservative firm. But by some of the moves taking place lately under CEO Christopher Crane—including a new “intrapreneurship” initiative and a flirtation with entrepreneurs known as “Dancing with the Startups”—Exelon seems to be charting a course of reinvention that is unusual for such an old-line concern. And chiefs in other traditional verticals might want to take notice.

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Looking for Innovation? Focus on Your Existing Business First

The "corporate unicorn" of creative disruption has an allure, and there are certainly times when radical change is required. But while dramatic stories of disruption make great headlines, for far more organizations, innovation focused on achieving significant improvement in existing lines of business is a surer—and more profitable—bet for driving actual results.

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