Failure follows project approach to innovation

Failure follows project approach to innovation: cannot force it to happen, can only shape environment to facilitate.

Extract from Forbes Leadership website – PJ Chan:

Innovation is a big corporate buzzword, and it’s one of the hottest topics on this blog. That’s because it’s one of the biggest mysteries to business leaders. A new study from Accenture, “Why Low Risk Innovation Is Costly,” revealed that fewer than one in five chief executives believes their company’s strategic investments in innovation are paying off. Because of the high percentage of failure, nearly half of the executives surveyed said their companies were less likely to risk implementing breakthrough ideas.

While some companies are wildly successful with their innovation attempts, we also know that at least 70 percent of change efforts fail and, by definition, innovation ranks as the biggest change effort out there. The question is: What are these unsuccessful CEOs and their people doing wrong with their strategic investment in innovation?

Innovation only happens in the right environment, one where everyone is not only allowed to innovate, but they are actively encouraged to speak up and bring new ideas to the table. This may sound like common sense, but it is far from common practice.

How do you create an innovative environment? While I can’t prescribe how to make your organization innovate, these tips can help you breed a culture that contains innovation in its DNA.

Continues: http://www.forbes.com/sites/johnkotter/2013/06/07/6-tips-for-building-innovation-into-your-company-dna/

Author: PJ Chan is a senior engagement leader at Kotter International, a firm that helps leaders accelerate strategy implementation in their organizations.

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