Does a culture of innovation drive business results?

James R. Gregory, Ronald K. Satterfield and Brad Puckey
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James R. Gregory: The Conference Board

Journal of Cultural Marketing Strategy, 2018, vol. 3, issue 1, 82-89

Abstract: The importance and meaning of innovation are a matter of perspective. Improvements in product design and manufacturing efficiency often hinge on innovation being applied as a tactical tool. To develop a company that elevates innovation to an integrated and motivational management tool across the enterprise, innovation must become part of the firm’s culture. A culture of innovation is an attitude toward cultivating growth opportunities no matter where they exist in the company. It is a piece of the vast corporate ecosystem that drives the value of corporations without always being fully understood and seldom managed for value creation. It is part of a class of internally grown intangible assets not accounted for on the balance sheet, but which can yield decisive competitive advantages and enormous value. Innovation comes in many different forms, but a culture of innovation reflects on the company as a whole and can be measured, valued and managed for value creation.

Keywords: innovation; culture; brand; management; valuation; intangible assets; corporate brand; strategy; value creation; value management (search for similar items in EconPapers)
JEL-codes: J7 M3 (search for similar items in EconPapers)
Date: 2018
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