In today’s globalised economy, organisations that want to remain competitive would do well to adopt policies of co-innovation across multiple boundaries, incorporating consumers, suppliers, and partners with like-minded goals into the process.
This was key to a workshop entitled ‘Global Strategy and Co-Innovation’ delivered by Professor Sang M Lee of the University of Nebraska to business executives in Johannesburg recently. The workshop was organised by the Faculty of Management of the University of Johannesburg (UJ). Lee stated that innovation had become the currency of global competition. He defined the concept as “any new idea which was applied in a fundamentally different way to create value for the organisation and other stakeholders”. He noted how certain countries – such as China and the Scandinavian bloc, had proved to be exceptional pacesetters by incorporating innovation into national development strategies.
Source: University of Johannesburg
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