Rebecca Doherty, Matt Banholzer, and Clayton O’Toole from McKinsey share insights on how innovation drives growth in uncertain business landscapes. They discuss the importance of adopting agile strategies and nurturing a culture of innovation, emphasizing key changes in talent selection and business models. The trio also explores the integration of M&A with innovation, advocating for interconnected approaches to enhance growth. Their bold perspectives push organizations to embrace ambitious innovation strategies for a competitive edge.
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insights INSIGHT
Boldness Beats Incrementalism
Innovation requires boldness, not incrementalism, to achieve meaningful growth and to lead markets.
Companies need to break the cycle of incrementalism to accelerate and transform their growth trajectories.
insights INSIGHT
Innovation Shortens Company Lifespans
The lifespan of companies is shrinking due to faster innovation and disruption.
Innovation across core and outside core businesses is critical to compete against challengers without traditional barriers.
volunteer_activism ADVICE
Set Bold Innovation Ambitions
Set a bold, aspirational innovation ambition starting from the CEO and top team.
Focus on continuous innovation, not one-time efforts, to achieve significant growth beyond incrementalism.
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Even in a highly uncertain business environment, companies that build new businesses and develop new offerings, processes, and business models are better able to capture growth opportunities and hedge against disruption. Our recent survey of more than 1,000 companies around the world reflected this, with the largest share of respondents identifying the ability to innovate as their most important strategic factor for generating growth over the coming 12 months.
To discuss the survey and talk about the innovation activities top performers are focusing on today, Sean Brown is joined by Rebecca Doherty, Matt Banholzer, and Clayton O’Toole. Rebecca co-leads our Strategic Growth and Innovation practice and is a partner in our San Francisco office. She works extensively with health care, industrial, and technology clients to define and execute growth road maps. Matt co-leads our Global Strategic Growth and Innovation practice with Rebecca and is a senior partner in our Chicago office. He also sits on the leadership team of our business-building practice, and serves organizations on innovation strategy across a range of sectors, including energy, materials, and agriculture. Clayton is a leader in our Strategy & Corporate Finance and Consumer Tech and Media practices in North America and is a partner based in our Minnesota office. He serves a wide range of clients including media organizations, sports leagues; food, apparel, and hardlines retailers; consumer packaged goods companies, and principal investors.
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