5 Innovation Fail’s – not to be ignored
Recently we were asked how exactly do you know where a New Product Development efforts fail point and more how can they apply to innovation processes? Naturally this means taking a hard look at “that which might destroy you can make you stronger” via the 5.
1) Innovation is episodic – and certainly not something you kill at the 1st sign of missing revenue. R&D does not come over night and New Venture teams do not produce cash flying out of their backside in one quarter
2) Resources are held hostage by incumbent businesses – let those who are in power determine where $$$ is spent on new development and they will always choose their own best interests: an instant innovation killer.
3) Slamming innovation into the structure that you have – when an organization is not interested in growth by the architecture of the firm itself, trying to “make” innovation happen simply won’t.
4) Too little diversity of thought – when confronted with complex systems, a team with a broader range of potentially relevant experiences tends to do better as no one eye can see all possibilities.
5) Treating assumptions like knowledge – relying on “managers of innovation” is just as stupid as asking Leonardo da Vinci to group think the Mona Lisa as managers are rewarded for being “right” when the easiest way to be right is to take very few risks and innovation has nothing to do with “few risks” occurs when direct refutable evidence is tested in the real world with real customers/partners/manufacturers/etc.