London, October 26, 2006 — The world’s most successful companies have discovered that to maximize the effect of corporate innovations, they must first identify an overarching framework, or purpose, for internal innovations. This conclusion is backed by a Booz Allen Hamilton study of 1,000 corporations, which showed little correlation between R&D spending and corporate success. Without a clear strategy it’s difficult to succeed regardless of how much money is set aside for innovation. In this article, excerpted from the book Purpose: The Starting Point of Great Companies, author Nikos Mourkogiannis argues that purpose helps leaders improve the quality of innovation and counter the natural risk aversion that large companies have to it.
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