One of the constant challenges that companies face today is converting leading-edge intellectual property into cash. Payback, by Jim Andrew and Hal Sirkin of The Boston Consulting Group, offers a breakthrough framework for profiting from innovationMoreOne of the constant challenges that companies face today is converting leading-edge intellectual property into cash. Payback, by Jim Andrew and Hal Sirkin of The Boston Consulting Group, offers a breakthrough framework for profiting from innovation which promises to become the gold standard for executives and managers (and everyday innovators) for years to come.
The smartly designed and thoroughly tested approach demonstrates how to leverage five types of payback-Cash, Knowledge, Brand, Ecosystem, and Culture. The true value in this remarkably smart idea is that it offers a means and mindset to focus in sharply on payback-on doing only those new things that will provide a return on investment. Based on Andrew and Sirkins work with hundreds of executives and innovators, and supported by the research and analysis efforts of a team of BCG consultants over a period of several years, the book is intended to be read by anyone who faces the challenge of bringing a new idea, product, service or project to life.
Companies that create large paybacks over a long period of time are the ones we admire and emulate. They are the ones that can create opportunities for themselves, their employees, and for shareholders.
Payback will help leaders in their efforts to build these companies and to reap the many rewards of creating the new in a more profitable way. About the Author: Jim Andrew is a senior vice president and director of The Boston Consulting Group.
He leads BCGs global efforts to articulate and improve how companies transform ideas into profits. He joined the firm in 1986, founded and ran BCGs offices in Mumbai (Bombay), India and Singapore, and is now based in Chicago. Jimwrites and speaks extensively about innovation. He is lead author of the Harvard Business Review article Innovating for Cash (Sept. 2003). He has been featured in The Economist, Business Week, Fast Company and many other leading periodicals globally.
Hal Sirkin is senior vice president and director at BCG and worldwide leader of the Global Operations practice. He has extensive experience in operations across a wide range of topics and industries. Throughout his career he has helped leading companies to develop breakthrough innovation strategies. He is the co-author of Innovating for Cash and is the author of many other articles, which have appeared in Harvard Business Review, Industry Week, Journal of Business Strategy and other publications.
John Butman is the author, editor, or collaborating writer of more than a dozen books about business management and social change. His most recent collaboration with BCG was Trading Up: The New American Luxury, which was a BusinessWeek bestseller and was named Berry-AMA Best Book of 2004.