In an increasingly competitive business environment, many are looking at innovation to provide efficiencies in their business model or to provide a sustainable competitive advantage.
Change readiness is the key to success in Innovation – so how seriously are you committed to innovation in your business?
An interesting recent article in the Harvard Business Review looks at why innovation projects fail, outlining the six most common mistakes as:
- Asking employees to generate ideas without creating mechanisms to do something with them – the risk is generating a long list of ideas that go nowhere and substantial organisational cynicism;
- Pushing for answers without defining problems worth solving – you only create value if you solve a problem that matters;
- Urging risk-taking whilst punishing commercial failure – inside most companies something that “fails” commercially carries significant stigma;
- Expecting experiments without providing access to a well-stocked laboratory;
- Pleading for breakthrough impact without allocating resources;
- Demanding disruptive ideas without ring-fencing resources for them.
While industry statistics show that 30% of innovation projects are doomed to failure we are working with clients in assessing their “change readiness”, in order to boost their chances of change success.