During 2019, globally $2 trillion were spent for corporate innovation and transformation projects – with mixed results. The scary truth is that over 70% of these initiatives did not meet expectations.
However, with the rapid acceleration of technology, increasing customer expectations, new global competitors and political/economic uncertainty, innovation is the dream of business leaders for 2020.
The question is…”How to move from the dream of Innovation to Reality?” or is successful Corporate Innovation simply a myth?
“Disruption is thinking what you did yesterday will be sufficient for tomorrow.”
– William Pollard
Innovation isn’t something that can be planned, delegated, outsourced or ‘spun out’. It requires a change in perspective, a willingness to create, try, fails and to co-create new solutions with customers and partner. Innovation happens when leaders and team explore, collaborate, learn (sometimes through failure) and commit to action (not theory) to drive change.
Open, Curious and Brave innovation leaders have debunked the myth and avoided the Top Five Corporate Innovation Mistakes.
- Investing in a lengthy outsourced strategy process before taking action
- Using tradition metrics to measure the success of a digital project
- Delegating innovation to the CDO, IT, Innovation Hub
- Defining digital offerings based on internal stakeholders’ vs customers’ interests
- Viewing a ‘successful pilot’ as the end goal versus a milestone
If you dream of successful Corporate Innovation let’s talk.