Most admired companies and innovation

Nice paper in Fortune about what it takes for admired companies to innovate. Hay Group polled executives at 160 companies on the subject of innovation and fortune gives us some results:

Most companies know innovation when they see it: Sony launched the age of portable music with its Walkman; FedEx transformed the package-delivery industry with its hub system; Procter & Gamble created fluoride toothpaste, among other household products that are now indispensable to modern life.(...) That mindset includes knowing which innovations to focus on and how much time to devote to each. (...) And it requires having the right people in the right places—both motivated employees and managers who can encourage them.(...) Companies admired for innovation are also more likely to invest in research and development. (...) nnovation leaders are also more likely to have clear procedures for determining the level of investment; more likely to be patient in allowing new ideas to develop; and more likely to allow ideas to fail without penalty. But when it comes to appreciation and remuneration, both the innovation leaders and the peer group have a way to go. (...) Innovation isn't something confined to a company's R&D unit. It's a mindset that permeates an organization. Successful innovation requires more than brilliant scientists. It takes leaders, entrepreneurial spirit, great ideas, good management, and the right organizational structures.

They might forget the right network, connections...