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Innovators, Organization Structure and Management of the Innovation Process in the Securities Industry
Author(s) -
Iwamura Akira,
Jog Vijay M.
Publication year - 1991
Publication title -
journal of product innovation management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 2.646
H-Index - 144
eISSN - 1540-5885
pISSN - 0737-6782
DOI - 10.1111/1540-5885.820104
Subject(s) - variety (cybernetics) , creativity , business , process (computing) , marketing , investment (military) , investment banking , industrial organization , finance , computer science , operating system , artificial intelligence , politics , political science , law
This article examines innovation in the securities industry with the central objective of identifying factors that separate innovators from non‐innovators. Akira Iwamura and Vijay Jog report results based on their survey of corporate finance vice presidents or CEO's of 43 investment houses from around the world. They conclude that innovative companies seem to be larger and have a well‐defined strategy, with management defining the focus of the business. In addition, the firms have developed better communication channels, both internally and with their customers. Yet, the most significant difference that separates innovators from non‐innovators is their management of the idea generation process, including concept generation and management's support. Innovators tend to approach idea generation in the following ways: they employ a variety of idea sources, both internal and external; they assign a specific person or group to be in charge of developing new ideas; they encourage employees at all levels to generate new ideas; they use a variety of innovative techniques to stimulate creativity; they reward their employees by non‐monetary means; and they encourage group‐level participation in evaluation decisions.