Abstract

The author begins the article by outlining factors that influence the innovation success of firms. Second, he presents the resource-based view and the contingency perspective as the theoretical underpinnings. Third, he presents the literature review, methodology, and three approaches employed by exemplary innovators in stimulating creative and innovative ideas within their organizations. Fourth, the author discusses how exemplary innovators manage creativity and innovation. Fifth, he draws implications for would-be innovators seeking to make innovation an integral part of their strategic thrust. The author concludes by emphasizing a similarity between innovations of the previous two centuries and those of the twenty-first century. He then draws a lesson from the above centuries that can be applied today: adept, well-managed companies that commit the right resources to innovation and leverage their external environment will shape the markets and build the new industries of the twenty-first century (Chesbrough & Teece, 2002).

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