An idea is not enough
More precisely, the typical stumbling blocks of innovation and how to overcome them. Because there are enough ideas, the authors say; finding them is no longer the core of innovation. Transforming these into functioning products and services and making them successful – that is the supreme discipline that so many companies fail to achieve today. Big and small. Newcomers like old hands in the industry.
Why innovations fail
Radical innovations that have little in common with the original business model rarely make it to implementation. Why is that?
On the one hand, because established processes and functioning systems are not designed for change. Never change a running system, that sounds to all of us. Radical innovations? Yes, please. But not with us!
Innovations fail because decision-makers prefer to think in stages and take no risks, because innovators pursue the wrong goals, classic hierarchies act too slowly, internal resources are used for many things but not for innovation, innovation-driving teams are not properly staffed and new business can rarely be integrated into the core business without friction loss.
Companies like BMW are leading the way; by introducing a customer lab, which acts as a customer advisory board, the car manufacturer is firmly integrating existing customer segments from Germany, China and the USA into the innovation process.
The continuous feedback gives both the innovation team and the management security. It allows us to make corrections in good time and always shows us the view of the customer.Stefano Merenda, Head of BMW Journey Management
The good thing is: with the right strategy, the right setting, management and handling, radical innovations also succeed.
If you want to read more, get the April issue of Harvard Business Manager or contact us. The authors are also happy to present the key to successful innovation within a keynote to your management board.