a new frame of mind
innovation challenge
Innovation is the art of making new connections, by doing things differently and doing different things, to create value. In a slow growth world characterised by intense competition, rapid change and uncertainty, innovation has become the key driver of business growth and commercial success.
Corporations are under enormous pressure to innovate but the harsh truth is that most companies, regardless of the industry they compete in, struggle with innovation. On average, 9 out of 10 new concept launches fail to meet or beat targets for return on investment.
The common causes for innovation failure are:
- Confusion about what innovation is, why it is needed or how to achieve it.
- An innovation process that is flawed and unreliable.
- Lack of foresight and difficulty identifying innovation opportunities.
- Few deep insights about the unmet, and often unarticulated, needs of customers.
- Difficulty selecting the right concepts for development.
- Limited experience and expertise in managing innovation projects.
- A desire to match the competition as opposed to overtaking it.
For managers, the biggest innovation challenge may be making the leap from yesterday's ways of thinking. Traditional management skills, alone, are not going to deliver the kind of growth needed to sustain high levels of innovation productivity.
Successful innovation requires a different set of skills and, above all, a new frame of mind - one that is curious about people and keen to explore the world, experiment with new ideas and take risks. Like it or not, creativity is the key driver for innovation.
MB:INSPIRE can help your organisation make the leap into the future, and understand the valuable contribution creativity can make to the innovation process, in an ever changing world and business environment.
Learn about our approach to innovation.