June 12, 2007
News & Opinion: (7 of 7) Other Forms of Payback... and Thanks!
(from James Andrew, author of Payback)
Leaders who are pro-innovation like to point out that it can produce benefits other than cash payback. And they’re right. Innovation can create new knowledge, enhance the brand, strengthen the company’s ecosystem of partners and suppliers, and make for a stronger organization by energizing and motivating employees.
All of that is important – as long as there’s also cash payback. Non-cash benefits matter – but ultimately innovations need to generate cash, or they are just expenses. If there isn’t cash payback, then in the long run the company won’t thrive and none of those additional benefits will matter.
Speaking of other forms of payback – today has produced quite a lot of benefit as far as I’m concerned. It’s been great being here with you and sharing some of these ideas. Thanks again to Todd and Jack for inviting me into the tent of 800-CEO-read for the day. I hope you’ve enjoyed it too, and that all your innovation efforts lead to payback.