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Changing your company or your product is a challenge, and while innovation is necessary to make your company thrive, it’s also really easy to go wrong. What causes innovation to go south? Innovation Excellence proffers ten main reasons.

The three main reasons for failure have been given as 1) unrealistic expectations from top management regarding resources and the time really required in achieving innovation, then 2) the lack of resources allocated in budget, people, infrastructure and 3) far too much focus on products and technology and ignoring the other options within innovation, such as service, business model, platform collaborations etc.

Each of these is without doubt for me a top management failure. They either don’t have a real clue of the complexity of innovation, starve it of its essential resources or just want to stay well within their comfort zone of existing product and technology understanding. This reluctance to push innovation, to extend capabilities and provide it with the right capabilities ends up in these continuing failures. Equally not to explore all the types of innovation available does not make sound business sense. This shows a lack of real involvement, comprehension, understanding and engagement.

For the rest, see the full article.

Via Innovation Excellence.

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