Authors Prahalad and Krishnan offer two formulas that add up to business innovation.
The two guiding principles of The New Age Of Innovation (McGraw-Hill, 2008)--the new book by University of Michigan Ross School of Business professors C.K. Prahalad and M.S. Krishnan, being published this month in the United States--are N = 1 and R = G. These formulas illustrate important trends shaping today's business environment. N = 1 represents the ability, provided by the Internet, to interact with customers on an individual basis--not simply to communicate but to co-create value with them. R = G represents access, provided by global supply chains, to resources and talent anywhere in the world--access that means companies can leverage both emerging and established markets to create unique products and services based on that individual interaction with customers. For an ongoing discussion of the ideas in The New Age Of Innovation, visit our blog, newageofinnovation.com.