GE's new focus: smarts and innovation

In the Toronto Star, a story about General Electric's new approach to the world. In short: INNOVATE, stop moving managers about like carpetbaggers from post to post, and take the long view. A snip:

The key lesson of history, which GE chief executive officer Jeff Immelt exemplifies, is that survival and growth depend on innovation and service, by creating new value out of existing products, with the light bulb one example; or developing a pipeline of brand-new products and services, which GE is doing with fuel cells, nanotechnology, medical diagnostics and smart materials, for example. This is how the advanced economies will compete with China, India, Brazil and others: by being leaders in innovation.

We must also make people changes. As GE spells out in its latest annual report, Growing in an Uncertain World, the company is shifting away from "professional managers" to "growth managers" focused on innovation, markets and service, not on the next stop in the corporate chain.

Read the whole thing here.

Posted by Grayson at April 14, 2004 08:19 AM