Innovation and the importance of ‘fail fast and fail cheap’

Innovation has been a major factor in the growth of productivity in the U.S. over the past 50 years, and for businesses and countries the world over it continues to grow in importance.

So says Andrew Taylor, partner and managing director at Boston Consulting Group. Taylor, who heads up the firm’s innovation strategy practice, gave the keynote address late last week at the 2014 Product Development and Management Association-UICInnovation Doctoral Consortium at the UIC Forum.

The weekend-long conference brought together academics, industry thought leaders and doctoral students from around the world. The goal: to shine light on the importance of fostering innovation.

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