PROFITABILITY – 13 Virtues of Innovation Engineering
July 13th, 2010
Purpose: The purpose of this web publishing series is to help instill the 13 Virtues of Innovation Engineering as a habit of everyday living. The process is inspired by Ben Franklin’s system for continuous improvement.
This week’s focus is on Profitibility
The overt benefit of pursuing innovation is increased profitability. Research by Georgia Tech finds that companies who pursue innovation as a core business strategy realize a 50% higher profit margin. This occurs because innovation helps you escape the marketplace forces that seek to make all offerings commodities – that can be purchased at the lowest price.
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