Top 16 reasons of innovation failure
Is your company struggling with coming up and implementing innovative ideas?
Does innovation sound good for you but you still have to reap any tangible profit from those nice-looking, suggestive and “innovative” ideas that you hear from your employees, employers and read on Internet?
Do you think that innovation sounds good is but hard to capitalize on?
Before drawing any foregone conclusions and debunking anything dubbed innovative, please check whether your company’s approach to innovation is sound.
The seven deadly sins that choke out innovation in all sorts of companies and industries include:
- Thinking the answer is in here, rather than out there
- Talking about it rather than building it
- Executing when there is need for exploring
- Being smart
- Being impatient for the wrong things
- Confusing cross-functionality with diverse viewpoints
- Believing process will save your company
These are common in both brainstorming, analysis and execution stages of implementing innovative ideas. Additional reasons why (supposedly) innovative ideas might fail are:
- Ideas don’t solve an important and relevant problem
- Ideas take too long to get to market or needs shift
- Ideas are poorly launched
- Understand the adoption cycle or barriers
- Focusing on short-run numbers
- Applying surface economics
- Being strategy-blind
- Failing to see the right context
- Never having an ideal
Use this “innovation failure” checklist of factors to make sure your company is not trapped in or following one of the above factors.