Procter & Gamble’s CEO, A.G. Lafley, is interviewed in this week’s Business Week magazine on managing during these troubled times. In the article, he as some great quotes on innovation:
We continue to invest in our core strengths. First, we don’t skimp in understanding the consumer. Second is innovation. Our capital spending will go up in 2009 for new engineering and manufacturing technology.
You need creativity and invention, but until you can connect that creativity to the customer in the form of a product or a service that meaningfully changes their lives, I would argue you don’t yet have innovation.
Read the full article here.