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- Herausgeber: Business Book Summaries
- Kategorie: Fachliteratur
- Sprache: Englisch
The must-read summary of James Andrew and Harold Sirkin's book: "Payback: Reaping the Rewards of Innovation".
This complete summary of the ideas from James Andrew and Harold Sirkin's book "Payback" asks an important question: "How can you generate a better return on any and all of your investments in innovation?". In their book, the authors demonstrate that, rather than being a hit-and-miss affair, innovation can actually generate consistent and healthy returns. This summary explains how you can do this using a 3-step process for innovation.
Added-value of this summary:
• Save time
• Understand key concepts
• Expand your knowledge
To learn more, read "Payback" and gain a valuable insight into how to refine your innovation process.
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Seitenzahl: 35
Veröffentlichungsjahr: 2014
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Book PresentationPayback by James Andrew and Harold Sirkin
Book Abstract
About the Author
Important Note About This Ebook
Summary of Payback (James Andrew and Harold Sirkin)
1. The four factors which affect payback
2. Choosing the optimal business model for each innovation project
3. Aligning and leading for payback
Book PresentationPayback by James Andrew and Harold Sirkin
Book Abstract
MAIN IDEA
How can you generate a better return on any and all of your investments in innovation?
Rather than being a hit-and-miss affair, innovation can actually generate consistent and healthy returns if you:
Set clear and unambiguous goals for what you want to achieve with each innovation effort.Operate your innovation projects in a disciplined and structured way.Select and use the optimal business model for each innovation project from the three choices available.Align your organization around innovation as the best way to grow.Utilize leadership practices which encourage, motivate and enable innovation to happen.About the Author
JAMES ANDREW is a senior vice president and director of The Boston Consulting Group. He heads up the firm’s Global Innovation Practice and works closely with companies in a wide variety of industries helping them develop innovation strategies, align their organizations and create breakthroughs. Mr. Andrew is a graduate of Harvard University Graduate School of Business and the University of Illinois.
HAROLD SIRKIN is also a senior vice president and director of The Boston Consulting Group. He heads up the firm’s Global Operations Practice. Mr. Sirkin works with leading companies worldwide to help them improve their returns on innovation, enhance their operating efficiency, upgrade their global competitiveness and make better use of information technology. In addition to writing a quarterly column for Business Week on-line, Mr. Sirkin has written a number of articles for business publications including several in the Harvard Business Review. He is a graduate of the University of Chicago and the Wharton School.
Important Note About This Ebook
This is a summary and not a critique or a review of the book. It does not offer judgment or opinion on the content of the book. This summary may not be organized chapter-wise but is an overview of the main ideas, viewpoints and arguments from the book as a whole. This means that the organization of this summary is not a representation of the book.
Summary of Payback (James Andrew and Harold Sirkin)
1. The four factors which affect payback
When it comes to successful innovation, cash is king. There are four factors which will ultimately influence just how much cash is generated by your innovations and which should be tracked:
Start-up costs – your prelaunch investmentSpeed – your time to marketScale – time needed to achieve volume productionSupport costs – your post launch investmentsIn addition to these cash returns, there will also be four indirect benefits which can be derived from innovation, and which may have the potential to lead to cash in the future:
Knowledge acquisition – new intellectual propertyBrand enhancement – being seen as innovativeEcosystem – stronger relationships with other partiesOrganizational vitality – attracting good peopleIn order to manage the innovation process adroitly, it’s necessary to have a structured way to make good decisions. The most effective way to do this is to develop a “cash curve” which tracks overall cumulative cash flow over the length of the innovation project.
This cash curve is a good way to track the four factors which will affect the cash payback on any innovation:
Start-up costs – the amount of money which must be invested up-front before a marketable offering can be made available. This capital is used in developing the assets and capabilities which will be required by the innovation. The larger the start-up investment, the greater the risk and the more marketplace success is needed.Speed – or time to market. This is the time and investment needed to go from a working prototype to a product which can be mass produced and sold. Increasing speed will increase the cash payback of the innovation and decrease risk because it enables the company to capture a larger market share at a higher average price. Increases in speed, however, often increase start-up costs and impact on quality.Scale
