Futurism & Innovation

Why Does Innovation Fail?

Why does innovation fail in your business? Do the answers in this HBR article resonate with you? If you’re a CEO don’t worry, you’re seldom the direct problem!

The top problems identified were;

  1. Politics, turf wars, and a lack of alignment – 55%
  2. Cultural issues – 45%
  3. Inability to act on signals crucial to the future of the business – 42%
  4. Lack of budget – 41%
  5. Lack of the right strategy or vision – 36%

I would argue that the first 3 are primarily rooted in the culture of the organisation and the last 2 in the strategic focus of the organisation. What can help? “Clear expectations set about why innovation is necessary. Appropriate recognition and incentives for people who get involved in making positive change happen.” I would also argue for the flip side where willful obstructionism is punished appropriately. Sometimes it’s the currently most valuable employee who’s the problem but if they have to go, they have to go! Remember the old adage, no one is irreplaceable, some just take longer to replace than others. Innovation has never really been an option, but with the pace of change today it’s more vital than ever.

Oh, CEOs are the direct problem 10% of the time. 🙂

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