Nurturing the Next Big Thing: Innovation Requires Cutting Edge and Tradition

PM Network Staff

There’s no shortage of surveys heralding the miracle of innovation for organizations trying to remain competitive in a volatile global economy. As that uncertainty becomes the norm, the focus on innovation is bound to grow.

Merely coming up with the Next Big Thing isn’t enough, however. Organizations must not only continuously push the envelope with big, bold ideas—they also have to follow through with projects that deliver the value of those ideas to the bottom line.

To make their mark, organizations must find a way to marry the fundamentals of project governance that helped them get where they are with the breakthrough concepts that will get them where they need to be.

“The world is full of prototypes, but turning them into business solutions is very challenging,” says Shihab Kuran, CEO and president of Petra Solar, a solar energy and cleantech company in South Plainfield, New Jersey, USA. “Without proper project management, good ideas will never make it to market.”

That means slashing time-to-market without sacrificing quality, keeping up with the leading edge while staying out of the red and introducing more efficient processes without throwing existing projects off track.

“The companies that are consistently successful don’t treat innovation like it’s an event,” says Paul Williams, PMP…

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