Four ways companies can encourage innovation
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Five years ago, an Executive MBA alumnus who had taken a course with Michael Gibbs, clinical professor of economics and faculty director of the Executive MBA Program at Chicago Booth, stopped by to visit, and mentioned in passing that the firm where he worked had been tracking the progression of thousands of new ideas. “You have a database of new ideas and what happened to them? Can I get access for research?” Gibbs recalls asking. Companies usually loathe revealing what makes them successful, lest competitors profit from the information. But what the alumnus described struck Gibbs as an unusually good…
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