Innovation continues to be a hot topic in business today. Take a quick look at the number of books, articles, journals, newsletters, and workshops devoted to the topic out there and you will see just how important it has become.
As a response, companies often launch major programs to identify and implement new ways of improving their business. But these idea programs, like most change efforts, often fail. For example, estimates of the percentage of U.S. patents that make it to the commercialization stage average around 5 percent. This is consistent with other estimates that new products generally fail 95 percent of the time. Poor timing, inability to live up to marketing hype, and poor quality are just a few of the reasons many innovations fail. Furthermore, a recent Towers Watson survey showed that only about 25 percent of internal business change initiatives succeed over the long term.
Being aware of the pitfalls and proactively setting yourself up for success is critical to obtain value from your idea program. As such, we’ve put together a new eBook to look at some of the reasons behind idea program failures and explore how organizations and business leaders can maximize innovation success moving forward.
In it, you will find thorough tips and techniques on critical factors to increase and promote innovation success such as:
- Clear Goals and Strategies: setting an overall goal that relates to the top priorities of the organization and establishing the strategies you will take to meet it.
- Supportive Leadership: how to remove obstacles to idea execution and develop a culture of creativity that is supported from the top down within the organization.
- Structured Governance: the “enabler” of executing the direction of your idea program in a streamlined and organized way.
- Sustained Communications: engagement is key to propel your innovation efforts forward.
- Powerful Technology: utilizing a structured idea management system for submitting, evaluating, and tracking ideas.