vol. XVII no. 2

				Page 1 2 3 4 5 Robinson faculty are thought leaders. They are internationally renowned for their research and have strong ties to the global business community. For this issue of State of Business, we gathered members from various departments to discuss the issues surrounding innovation in business. The panel was moderated by Regents' Professor, Chair and Taylor E. Little, Jr. Professor of Marketing Kenneth Bernhardt. The MAX Awards: Robinson's Salute to Marketing Innovation The Center for Process Innovation Daniel Kevies, Yale history professor and co-author of Inventing America: A History of the United States, said that "our nation was founded as a nation of innovation." Based on Webster's definition of innovation - the introduction of something new - Kevies was right. From the founding fathers who shaped this country to the pioneers whose inventions changed our way of life, innovation is about more than just what we do - it is who we are. Innovation and the entrepreneurial spirit have catapulted America to its position as a world power. Today, innovation is what businesses rely on to stay competitive. According to a recent study by Booz Allen Hamilton, more than 90 percent of top managers at companies in such fields as aerospace, automotive products, pharmaceuticals and telecommunications cite innovation as absolutely critical to achieving their strategic objectives. STAYING COMPETITIVE Susan Houghton, associate professor of managerial sciences at the Robinson College of Business, agrees and says that innovation is the key to staying competitive. "There are two ways to create value for a firm. The first is to anchor in a low-cost position and the second is to differentiate," says Houghton. "However, with increasingly fast life cycles, industries are quickly moving to platform standards of low cost. Therefore, the only way to truly establish value is to differentiate, and the best way to do that is through innovation. Without innovation capability, a company is dead in the water." Of course, staying competitive has also gotten a lot tougher. Today, businesses are not just competing with their neighbors down the road or even across the country. In today's growing global marketplace, the competition is also coming from across the oceans. "No matter how well you're doing, your competitors are on the move themselves," says Ed Rigdon, professor of marketing. "Even if your local competitors aren't going anywhere, there's somebody on the other side of the planet who has got their eye on your marketplace, and you're going to see them tomorrow." Top | Next Page

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