A company cannot solely rely on incremental innovation. It also needs more radical innovations to renew itself and ensure its long-term growth. Yet, the uncertainty inherent to such projects often leads to discard them in favor of more rapidly promising initiatives.

In this podcast, Mark Maybury, Chief Technology Officer at Stanley Black & Decker, discusses the way to avoid this risk. He notably explains how he has put in place a ranking of the group innovations in six categories, defined according to their level of disruption in the market. This allows for driving the investments in the different types of innovation in a strategic manner, to ensure that the contributions expected from each of them complement each other smartly to answer both the short - and the longer - term challenges. A highly rigorous and structured approach from which you can seek inspiration to optimize your innovation strategy.

Source: Extreme Innovation With AI, podcast Me, Myself, and AI, MIT Sloan Management Review /Boston Consulting Group, March 2022.