Embrace Failure for Better Innovation - TrendForum 2013
EmbraceFailure for Better Innovation www.15inno.com 15inno by Stefan Lindegaard at LinkedIn Groups email@example.com Twitter: @lindegaardHey! Freebookson 15inno.com!
Faster pace, shrinking window of opportunity,less time for cash cowsOpen innovation and biz model innovation arekey for becoming competitively unpredictable!Companies must embrace experimentation– and the failures that come along with it!
Small failures are accepted, but not big ones: 47 % Failure is not accepted here: 7% More than half of the companies do not recognize failure as an inherent part of an innovation culture!
“Two types of failure:- honorable failure is where an honest attempt at something new or different has been tried unsuccessfully and - incompetent failure where people fail for lack of effort or competence in standard operations.” Credit: Paul Sloane
“A mistake is when you do something wrong,even though you knew the right way to do it.Failure is when you are trying something new, and you don’t know ahead of time how to make it successful. Credit: Jamie Notter
Developing a culture that is constructive about failure requires a new vocabulary. SmartfailingWhen an organization embraces smartfailing, it de-stigmatizes failure internally and usesfailure as an opportunity to learn and to find a better course.
System failure (collapse of communism)System component failure (stock market crash)Major firm failure (Enron going out of business)Start-up failure (Pets.com going out of business)Product failure (New Coke tanking)Idea failure (Apple Navigator protype, no launch Credit: Tim Kastelle
The failure to anticipate / execute on……markets and technologies…platforms for bringing innovation to market…how companies innovateExternal change is faster than internal change!You win or lose in these pockets of opportunity!
Don’t mess up like Intuit!Persistency / consistency is key……for becoming preferred partner of choice
There are no quick fixes because the topexecutives that got us into this mess are not ready to lead us out of it!
Too much focus on products, technologyUnrealistic expectations on time, resourcesLack of resources in budget, people, infrastrucureSilo rather than collaborative approachesPoorly defined innovation strategy (if any)
Identify reasons, create learning process!Go beyond products and technologies!Be open – more communication, new terms!Reward learning behaviors!Educate up and down on innovation!
The Lean Startup approach relies on validated learning, scientific experimentation, and iterative product releases to shorten product development cycles, measure progress, and gain valuable customer feedback. Fail fast, fail often and fail cheap!
Stage 1: Shock and SurpriseStage 2: DenialStage 3: Anger and BlameStage 4: DepressionStage 5: AcceptanceStage 6: Insights and Change Credit: Steve Blank
Six stages of failure and redemptionDon’t get stuck in 2, 3 or 4 – move forwardDon’t skip acceptance of your roleGet to insights to change behavior……commit to challenge / do different next time Credit: Steve Blank
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