Innovating Successfully

Most organizations would own up to having problems with making innovation happen...

Any innovation project involves a degree of risk -- there is always the chance that it might fail. It is important for any organization undertaking innovation to be aware of the factors that make innovations more likely to succeed, and to be able to identify those that are likely to fail.

The history of product and process innovations is littered with examples of apparently good ideas that failed -- in some cases with spectacular consequences. Most organizations would own up to having problems with making innovation happen, including a fair proportion of ideas that are never realized, and new initiatives that flop more or less embarrassingly. However, a great deal of research has gone into identifying the key areas on which organizations can focus to promote successful innovation. It might not be possible to guarantee success every time, but paying attention to key aspects can stack the deck in your favor.

ACTION POINT: Innovation doesn't happen by accident, but by careful planning.