n Management Today - Drucker's definition of innovation

Volume 29, Issue 6
  • ISSN : 1027-4324



Too many organizations, management theorist Peter Drucker observed, devote resources to "preserving the past" when they should be allocated to "creating tomorrow." Dr. Robert Swaim - student, colleague, and friend of Drucker's for almost thirty years - looks at Drucker's Principles of Innovation and why companies must leave yesterday behind to better shape tomorrow.

Prior to reviewing Drucker's "Principles of Innovation", it would be useful to review his definition of innovation as well as types of innovation. Drucker defined innovation as the task of endowing human and material resources with new and greater wealth-producing capacity.

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