What’s in a Name?
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Companies of all shapes and sizes have created new business groups tasked with the mandate to identify new growth platforms. But what they get called often determines the impact they can have on the rest of the organization.
The innovation group. Strategy team. New business developers. Advanced concepts lab. Department of vaguely interesting stuff. When creating organizations designed to deliver major, disruptive growth within large companies, many executives are tempted to lavish such groups with names emphasizing how cool, far-out and atypical they are relative to everyday business. As Jump’s Lauren Pollak and Katherine Wakid explain for HBR, it’s for this very reason that new business teams often find it hard for their ideas to get traction. Ironically, when making change happen, it’s often better to make big ideas sound boring. To learn why, click here.
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