Renovate Before You Innovate

Why doing the new thing might not be the right thing

Sergio Zyman
IThe Zyman Group
Armin A. Brott

Everywhere I go, it's the same story. Over lunch with a client, the VP of marketing talks my ear off about all the new products the company is planning to introduce. At the quarterly meeting of one of the firms whose board I sit on, the CEO spends 20 minutes describing the new markets the company is getting into and the acquisition deals they're working on. And these guys aren't alone. Overall, more than 60% of S&P 500 firms incorporate the concept of innovation into their mission statement, use the term 'innovation' in marketing and branding communications, or cite innovation as part of their strategy in their annual reports.