Making Innovation Work: How to Manage It, Measure It, and Profit from It by Tony Davila & Robert Shelton & Marc Epstein

Author:Tony Davila & Robert Shelton & Marc Epstein [Davila, Tony]
Language: eng
Format: mobi
Publisher: Pearson Education (US)
Published: 2005-07-22T00:00:00+00:00

Third, the project may develop capabilities that can be further extended through additional development efforts. The development of the minivan concept and the original Dodge Caravan not only saved Chrysler from a likely death but also created one of the most successful product lines in the auto industry, which is constantly improved. What were the financial returns as a result of the development of the first Caravan? Huge, but hard to quantify.

Finally, measuring value creation is difficult because the risk of failure is very high. Thus, value creation should be looked at not only at the project level but also more importantly at the portfolio level. Eli Lilly—one of the largest pharmaceutical companies in the world—bought a portfolio of medical devices' startups in the early 1990s. Some of them were unsuccessful, but a decade later these companies were spun off as Guidant Corporation with an initial market capitalization of $1 billion (that became $9 billion three years later).

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