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New report delves into the art of innovation

May 23, 2014  

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Few Canadian firms are highly successful innovators, but those that are have managers who take steps to improve market awareness, accumulate and draw on experience, and reduce bias and error in judgment, according to a new Conference Board of Canada  report.

Detailed findings of the report will be presented at Business Innovation Summit 2014: Accelerating Corporate Innovation and Commercialization, on Wednesday in Toronto.

The Centre for Business Innovation report, Improving Innovation Management Decision-Making: Thinking Like an Innovator, finds that making better innovation-related decisions depends on a foundation of:

* Awareness—collecting more and better information about markets (market awareness) and firm capabilities (self-awareness);

* Experience— drawing on a firm’s own, or others’, experience; and

* Judgment—taking steps to recognize and reduce bias and error in judgment.

“The most successful innovation managers take steps to ensure that their decision-making related to innovation is informed, structured and insulated from bias and misperception as much as possible,” said Daniel Munro, principal research associate.

“Unfortunately, not enough businesses take the rigorous approach needed to improve innovation decision-making.”