The Future of Innovation by Andrew Razeghi

At times, the promise of a new idea can be greater than the problem that it seeks to solve. I also continue to be amazed at the fear produced by bold new ideas. But it is not innovation per se that will enable sustainability, rather it is the capacity for an individual or an organization to succeed with innovation on a continuous basis, as part of his/her/their way of life.ĪB: What surprises have you encountered when working with innovative teams?Īndrew Razeghi: I continue to be amazed at the capacity of human creativity when confronted with great challenges. That said: innovation is the only true source of sustainable advantage.

And incremental improvements to existing products or services yield similarly incremental returns to a business. Financial engineering is designed to buy time until the next big idea comes along. Manufacturing can be outsourced at a fraction of the cost. In both roles, he helps tackle complex problems like, 'How can a particular country reposition itself to appeal to changing tourism trends?' or 'How can a global food manufacturer navigate the challenges and opportunities of obesity?' While the problems he sorts out may appear to be vastly different, he says, the principles that drive successful innovation are much the same.Īlice Bumgarner (AB): What is the importance and the role of innovation in today's global economic environment?Īndrew Razeghi: The only sustainable source of competitive advantage is innovation. In addition to teaching innovation at Northwestern University, Andrew Razeghi works as an adviser to organizations on innovation and growth.

The Future of Innovation by Andrew Razeghi