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Original article from the Flevy business blog can be found here:
No one is able to stand still in this fast paced business environment. As business leader you’re looking for ways to innovate, but most of the time innovation fails. Innovation process-expert Robert Cooper shows that of every seven new product/service projects, about four enter development, 1.5 are launched, and only one succeeds . Innovation is so difficult to master, indeed. I love to share with you five reasons why innovation goes wrong and what to do about it with a scientifically proven structured approach.
How Innovation Goes Wrong
I encounter in practice so many people that struggle with innovation. It’s has so many pitfalls. Here’s a list of five reasons why innovation goes wrong in daily practice at so many companies all over the world.
• Our short-term mindset rules . Your company focuses on getting results next quarter, as your shareholders demand profits today. In this way money and resources are dedicated to sales & marketing, instead of innovation.
• We cannot change our habits . Your company lacks the ability to invoke change, the ability to change their mindset. “My colleagues don’t think beyond what made our company successful thus far”.
• We fear failure. Your past innovations were not successful and have cost a lot of money. “Managers were fired because their launches of new products failed”.
• Our innovation process is chaos. When you lack a process and structure it’s really hard to get tangible results as it takes 18 -36 months on average to get an new idea to the market.