What to Do When Things Go Wrong With Corporate Innovation

14 February.2023

3 min.

Studies show that 84% of executives believe that corporate innovation is an important part of their organization’s growth strategy. However, the reality of the situation is that a far smaller number of companies manage to get it right.

If your attempts at corporate innovation have failed to deliver the desired results, it’s vital that you address the source(s) or your problems. Let’s take a look at the most common issues and how to get things back on track for short and long-term success.

1. Innovation isn't aligned with the company vision

Every company is aware of the need to innovate and stay ahead of the game. However, if you innovate for the sake of keeping up appearances or use concepts like innovating only during a set one-hour window each week, you’re unlikely to ever unlock any worthwhile new ideas. Communicating the 'why' behind your innovation incentives is key.

You must identify which parts of the company vision could benefit from innovation and communicate this so that people understand why it matters and how it can be used within the context of the company. This is why you need an innovation management strategy that aligns with your strategy and long-term business goals. It must support your brand story - where you are, and where you're planning to go.

2. Innovation isn't truly company-wide

Most companies that innovate fall into one of two camps: They either have a top-down approach or a bottom-up philosophy. Whichever path you’ve taken, the truth is that you need elements of both to thrive. A truly company-wide investment is the only route to success.

As such, you will need the right tools to facilitate this. Swisscom utilized KICKBOX to unlock impressive results through bottom-up innovation. However, innovation can only succeed if top-down navigation and leadership are in place. After all, this is the most effective route to redefining the mission while simultaneously guiding a team through fast-paced landscapes.

3. You don't give innovation a chance to soar

By now, you should know that up to 95% of product innovations are destined to fail. As such, you may have invested heavily in promoting psychological safety so that employees continue to suggest ideas. However, it’s important to avoid the threat of dismissing ideas prematurely.

Even innovations that can achieve long-lasting results may need time. Even the Apple iPhone needed time to gain momentum. If you have seen promising innovations crash and burn, it may be that you’re not working hard enough to come through the continued marketing challenges, to reach early backers or unleash a dedicated growth strategy.

4. You are too focused on originality

There are times when innovation will generate entirely new concepts. However, you don’t always have to reinvent the wheel to achieve greatness. Customer experience remains the #1 driver for innovation. If you can bring an upgrade to disrupt your industry, that’s great.

One of the most effective ways to make this happen is to strike the right balance between considering the customer’s perspective and working on your own passion. When employees are engaged with their ideas while maintaining the direction gained from focusing on the end user, the likelihood of seeing innovations through to completion is greatly increased.

Let us give you and your team the tools to promote innovation in your company. If you're rready to transform your business in all aspects, then reach out to us.