Innovation appears to be a random, inherently unpredictable process. But what if we could understand the causal factors that contribute variability to the innovation process and learn how to control them? Would that bring predictability to innovation? The answer is yes—we have proven it can be done, but it requires new thinking.
I recently sat down with Don Creswell, cofounder and principal consultant at SmartOrg, to discuss the role of innovation strategy these days and just how critical it has become for businesses to grow.
When it comes to successful innovation execution, companies face some big hurtles, according to Creswell, Specifically, there tends to be a lack of consistent process or a too rigid a process; along with the inability to tolerate failure.
As of late, innovation has become the corporate buzzword because it’s one of the biggest mysteries to business leaders. But, you can’t force innovation to happen. Instead, it’s about how you shape your corporate environment so that innovation is possible.
A new study from Accenture, “Why Low Risk Innovation Is Costly,” revealed that less than one in five chief executives believes their company’s strategic investments in innovation are paying off, while half said their companies were less likely to risk implementing breakthrough ideas. So, what are these unsuccessful CEOs and their people doing wrong with their strategic investment in innovation?