Why do most companies fail to innovate?
Being innovative means opening labs, incubators, accelerators or innovation centers for many companies. Or to participate in ambitious startups in order to integrate them into the established corporate structures in a timely manner. However, innovation culture can not be copied. Anyone who believes that they can buy externally or set up spin-offs will not be successful in the long run.
What keeps companies from developing innovation maturity from the inside out and turning investment into results?
Poor innovative ability of organizations has many causes. An innovative organization requires an innovation-friendly culture, structured processes, and leaders who promote these innovations internally. Collaboration with partners and suppliers also promotes innovation potential.
Corporate culture slows down innovation
The greatest innovative strength comes from the company itself. Innovation culture must be exemplified, and managers in particular must allow their employees sufficient room for maneuver by exploring innovative ideas. Culture is the biggest hurdle for a successful implementation of innovation. It is deeply rooted in organizations and only slowly changeable. Employees want the necessary freedom to learn, test and experiment. This cultural maturity also includes the freedom to fail if an organization wants to promote innovation.
Executives lack the courage to take risks
The development of executives has great potential for the innovative success of organizations. Employees, colleagues and supervisors generally do not perceive managers as a driver of ideas, who drive innovation in their own organizations with curiosity, courage, risk-taking and disruptive potential. Managers should show more courage to experiment and actively play their role as drivers of innovation in the company. The new challenges are linked to changes in attitudes and values among decision-makers and corporate leaders. That means courage to risk rather than zero-defect strategy, cooperate instead of delegate and communicate on eye-gulls instead of top-down.
Potential of innovation ecosystems is not used
Innovations are stifled because organizations are unable to interact across a broader network. Corporate culture or reservations about sharing data are the biggest obstacles. Participation in innovation ecosystems or co-creation offers companies collaboration with an extended partner and supplier community. These enable added value beyond one’s own resources. Often, organizations are aware of the added value of collaboration, but implementation is unclear.
Innovation projects are already failing in development. The successful implementation of innovations requires a systematically planned process. It must be sufficiently structured to reach the goal quickly and in a result-oriented manner. A scalable and repeatable process from idea to market is a critical factor in bringing forth new products, solutions and services.
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