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Story: Is managed innovation an oxymoron?

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Background:

Why is innovation elusive and hard? Organizations invest big money chasing ‘Breakthrough Innovations.’ According to 2012 Global Innovation Study by Booz & Co., global 1000 enterprises have spent a whopping $0.60 trillion in the pursuit of innovation just in 2011. It is a popular belief that innovation is about finding the next big thing and it is the privilege of an elite few. With less than 5% of any large organization getting approvals and funding to pursue breakthrough innovations while the remaining 95% focus on ‘Business As Usual’, innovation efforts may become a dartboard game of ‘Hit-or-Miss’.

However, at Cognizant (NADAQ: CTSH), our problem was slightly different. Entrepreneurship was always ingrained into our DNA since its inception as a technology unit of Dun & Bradstreet in 1994. The testimony of our innovative spirit can be seen in the way Cognizant has successfully navigated the major industry transitions – from Y2K to e-business enabler, from e-business to full spectrum IT/ITeS consulting and Business Process Service provider. Recently, our early leadership in the currently emerging SMAC arena shows that our Innovation DNA is intact.

Innovation Vision
Six years ago when we started the Cognizant Innovation Group, the challenge was channeling and preserving this DNA as our employee count swelled rapidly year over year due to the industry leading growth.

Could Innovation be managed differently to enable this type of channeling while growing fast?…

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