Google shuttered its much-hyped Wave project this week after it became clear that nobody was really interested in it. The company deserves recognition for having the guts to do so, writes Karim R. Lakhani: Good innovation is often rooted in the ability to decisively divert resources away from failing projects. "Innovation managers need to develop clear metrics about performance criteria and be ruthless about shutting down projects that do not meet the bar," Lakhani writes.

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