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1 upvote by Jerome Fournier.
There are many challenges to innovation, especially bold innovations that serve as growth engines for the future. Here is a treatment of the challenge (PDF download) for companies in mature markets: http://www.google.com/url?sa=t&r.... This paper was published in the Journal of Product Innovation Management in December 2011.

Recently, I wrote a blog post on "the big, unanswered question of marketing" -- my answer being the lack of repeatable bold innovation -- which got picked up by the Advertising Research Foundation (ARF) here: http://www.thearf.org/news.php?n....

A big part of this is the focus on "minimizing mistakes" which was just mentioned in a Harvard Business Review blog post here: http://blogs.hbr.org/anthony/201.... When innovation becomes focused on minimizing risk, it becomes rigid. The focus, rather, should be on identifying the right risk to take. This is a different business aim and, while seemingly subtle, dramatically shifts how a company approaches innovation.

As an example, here's a take on Apple's approach to taking the right risks:http://cnet.co/zG8yUv. Whereas some companies (ahem, Microsoft) are afraid to tip over cash cows, Apple flames up the barbecue because they have another, bigger herd of cattle on the way.

Finally, this is a great read on Clayton Christensen's (Innovator's Dilemma author) perspective on the topic: http://onforb.es/AbbpcS. The article is called: "How Pursuit of Profits Kills Innovation and the U.S. Economy." Christensen does a great job breaking down many of the challenges with respect to innovation in mature markets..