With 1 in 20 business innovations being successful, it’s clear new thinking is needed to get much better results on the $825 Billion invested in innovation by top corporations!
Source: 2018 BCG Global Innovation Survey, 2019 PitchBook study.
Recognizing a high failure rate is not uncommon when “doing the new “, there are additional challenges in effecting meaningful change and innovation in enterprises.
So while Corporate Executives may think “ We’re Good “, it is highly advised this assumption be reviewed – or better yet, challenged.
Why ? Because Innovation today requires a different mindset with new skills than has been the case historically.
For example, how many enterprise CEOs can have reasonably in-depth discussions about: technology, delivering a great User Experience, moving to new digital based business models, competing against big tech companies, collaborating with startups, personalizing services, effecting culture change, benefitting from AI and ML, etc. ?
To respect these are the new ingredients of success to improve outcomes, you’re welcome to review the innovation insights at www.cail.com/BI as well as information by others in the business innovation ecosystem.
This is important given no industry or company is exempted from the:
A. Impact of digital disruption
B. need to increase the rewards from innovation
C. requirement to scale quickly on new capabilities having high appeal, expand revenue streams, etc.
D. need for speed and agility with decreasing timelines to make good on windows of opportunity
E. changing nature of risk to better manage change
Oct 8, 2019 – CAIL Innovation commentary 905-940-9000 firstname.lastname@example.org