The most successful middle-market companies—those growing at least four times the rate of GDP growth—are 40 percent more likely to describe themselves as innovative than less dynamic businesses of their size, according to the National Center for the Middle Market (NCMM)’s “Organizing for Innovation in the Middle Market.” Overall, middle-market companies surveyed also fare relatively well with execution of innovation projects, reporting that 57 percent of ideas generated in 2014 made it to market.
This success may be partly due to the fact that their innovation efforts tend to skew conservatively, focusing on familiar markets and knowledge rather than unmapped “blue oceans.” Furthermore, mid-market companies tend to use their own internal resources to generate ideas and to manage innovation risk carefully.
The most effective innovators tend to engage the entire company around innovation initiatives, fostering cross-departmental interaction, as well as the involvement of senior leaders. They are also more likely to possess a well-developed set of capabilities and practices—formal processes, tools to track and measure innovation, attention from senior leadership—to better manage the risks they take.
The statistics, tables and charts to follow offer insights on how the most successful mid-market companies foster innovation.
This article is taken from the November/December 2015 issue of Chief Executive magazine, page 22. To subscribe to Chief Executive, click here.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
