No matter how popular and beloved your brand may be, its survival depends on your organization’s ability to adapt. Postmortems on companies like Blockbuster Video and Borders Books have pointed to issues with organizational structure, capabilities, and technology. But at the center of those corporate demises is the failure to innovate. Through more than a decade of innovation training with the world’s top organizations, I’ve isolated five innovation nightmares that, if course-corrected early enough, don’t have to result in imminent doom.
If your organization isn’t meeting its innovation goals, take a close look at the past year. Answering a series of questions about your innovation investments and activities can show you where things went wrong, and start you on a better path for the year to come.
Collaboration is essential for long-term innovation. Working together and sharing information enables employees to draw on expertise from the entire organization, avoid costly mistakes, and ultimately achieve a collective goal.