INN V TE OE EVAPORATE
Profit, thy name is creativity.
— Business Week
When giant PC chipmaker Intel was confronted with new
and unusually tough competitors that used clones of its chips
to compete on price, CEO Andrew Grove turned to innovation. Intel launched an accelerated schedule for new-product
development that produced the 386, 486, and Pentium chips
and left competitors in the dust.'
When Johnson & Johnson, the health care and consumer
products conglomerate, found itself at a cost disadvantage
compared to competitors, it launched a program to develop
innovative processes that would cut overhead costs. For
example, CEO Ralph Larsen created customer support centers, employee teams working on customer sites to facilitate
distribution and ordering. The teams eliminated overlapping strategy services in most of the firm's 166 businesses. 2
When Nordstrom, the Seattle-based department store chain,
analyzed its markets, it realized that providing high levels
of customer service would be an innovative marketing approach in the discount-oriented retail industry. That strategy worked extremely well, giving Nordstrom an edge in a
rapidly changing marketplace.
INNOVATION AND
CREATIVITY
Innovation is how a firm or an individual makes money from creativity.
Organizations, their managers,
and other employees seek to create original ideas and concepts
that will end up as innovations,
such as new or enhanced products
or services, processes that increase efficiency, highly competitive marketing campaigns, or superior management. The process of
generating something new is known
as origination.
Something original is something_
new, something that didn't existi
before. Creativity is the proce§§' -ofIetterating som
new that has value. There are many original ideas and concepts, but some may not have value and hence may not be
considered creative. A creation is something original that
has value.
Innovation is the process of creating something new that has
significant value to an individual, a group, an organization,
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