Sunday, January 24, 2010

The 5 Reasons You're Failing at innovating

  1. You really don't want to engage directly with customers, employees, etc. You just want them to hear how innovative you are. Ex: You end up following trends rather than creating them.  However, you are quick at claiming  ownership.
  2. You perceive innovation as a threat to your historical revenue streams. However, you still pay lip service out of fear.
  3. You claim to have a strong in house innovation culture. However, you make somebody else pay for it (public funding) or absorbe (and dissolve ) it through acquisition .
  4. You get locked into thinking of ideas at just the higher end of the innovation continuum (next big thing) as a result your innovation program is unbalanced and miss out the small quick wins that are faster and easier to obtain. ( and  vice versa)
  5. Your risk management strategy for Innovation confuse risk aversion and educated risk taking.  Your fear of failure motivate your strategy to minimize the level of uncertainty, however it sclerose you to the point of inaction.