Achieving breakout innovation [innovation management]

Breakout innovation is about delivering major new products or services, addressing completely new market segments or developing new value chains. Although innovation is an important contributor to revenue and profit, very few companies have all the elements in place to sustain breakout innovation over a long period. The framework described here will greatly improved the chances of success. The basic elements such as market insights, a clear strategy, access to competitive technologies, a supportive infrastructure and effective project management must be in place. However, these alone are not enough. Sustained breakout innovation will not be achieved without inspired leadership and creative teams, operating within an innovative culture and supported breakout processes.