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Getting innovation on board

Boards must get serious about innovation considering its big effect on a company's bottom line, brand equity and employee morale.

After starting as a trailblazer in 1971, Borders neglected to keep innovating and finally had to liquidate itself - when it failed to see how disruptive the Internet could be as it outsourced its online sales to Amazon.

INNOVATION is all around us. Much of the rise in global living standards stems from innovation. We take much of it for granted: from air travel, browsing on the Internet, cancer treatment, digital media, e-government, to the wellness lifestyle brand Zumba.

Moving forward, innovation is...