10 Things You Can Do To Minimise Innovation Failures

Creativity is not just the purview of geniuses. It’s a set of skills that anyone can learn and with practice, master.

But what if you don’t have time to invest in creative skills?

What if it feels like your creativity is tapped out or you’re blocked because of past failures?

You may be surprised to know that some of the world’s most successful people have failed over and over again before becoming successful. The difference between them and others is that they don’t give up. They view each failure as a learning opportunity.

Innovation failures can be costly, so it’s important to find ways to reduce them. Businesses need to create a culture of experimentation where it’s ok to fail. This means encouraging people to try new things and giving them the resources and support they need to succeed. It also means having a system in place to learn from failures so that they can be prevented in the future. Creating a culture of experimentation can be difficult, but it’s important to remember that innovation requires taking risks. If you want your business to succeed, you need to encourage your team to experiment and learn from their failures.

Invest in research and development! This can help you identify new opportunities and reduce the risk of failure by providing a greater understanding of the problem you’re trying to solve. Research and development doesn’t have to be expensive – there are many ways to do it on a shoestring budget. However, it’s important to remember that you need to invest time and resources into it if you want it to be successful.

Innovation expert Robert Cooper shows that of every seven new product/service projects, about four enter development, and one-and-a-half are launched, and only one succeeds. Innovation is difficult to master.

Below I list ten practical ways to reduce innovation failures:

1. Create momentum for your innovation project. There must be urgency; otherwise, nobody will be prepared to go outside the box.
2. Starting your innovation project with a clear and concrete innovation assignment is essential. It forces top management from the start to be concrete and serves as your compass.
3. Use a team approach to get better innovation results and internal supporters for the innovative outcomes.
4. Let the internal top problem-owner and important influencers participate part-time in the innovation team.
5. Use a structured approach. It helps you to connect the dots.
6. When you ideate unprepared, hardly anything new appears. This is why it is absolutely essential to get fresh insights before creating ideas.
7. Start discovering relevant customer frictions to solve
8. Check the strength of the new concepts among potential customers at the front end of innovation
9. Draft new business cases instead of coming up with post-its or mood boards.
10. Keep up the pace of your innovation process, as it gets killed when it takes too long without any progress.?

Innovation is difficult to master, but by following these tips, you can reduce the risk of failure and increase your chances of success.

www.innovolo.co.uk

Innovolo- Accelerating Product Development Worldwide