10 Real-Life Lessons on Innovation

Successful companies generate ideas and bring new products and services to market by having processes in place to make it all happen. A new book, Harvesting Intangible Assets: Uncover Hidden Revenue in Your Company’s Intellectual Property (Amacom/available in October), weighs in on the science of innovation. Author Andrew J. Sherman says many companies allocate little attention to the development and implementation of new ideas. Throughout the book, he dispenses nuggets of wisdom gleaned from proven innovators – both organizations and individuals. One problem he identifies is the tendency to mystify innovation and regard it as something only geniuses produce, via "Eureka!" moments. But not all breakthroughs are dramatic; often, innovation is simply a matter of making better use of assets and resources that already exist. Sherman is a Washington-based attorney specializing in the legal and strategic aspects of business growth, and founder of Grow Fast Grow Right, an education and training company. For more, click here.