Five Reasons Companies Fail to Pursue Innovation
Twisthink’s Managing Partner, Bob Niemiec, recently had the opportunity to write for Smart Industry Magazine. This article focuses on the Five Reasons Companies Fail to Pursue Innovation. Through our experience we have found these reasons include: a gap in specialized talent, resource constraints, not understanding how to get into the “jet stream” of technology, fear of change, and fear of failure & risk aversion.
” In 2009, Michael Mandel, a chief economist for Business Week, wrote a cover story that included a statistic that would haunt U.S. industry for a decade. His research during a three-year, pre-recession period (2006-2008) revealed that only nine percent of public and private companies were engaged in either product or service innovation of any kind.
A decade later, we haven’t sufficiently moved the needle. Imagine if that nine percent statistic was improved six times over. Phenomenal, right? But consider that nearly 50 percent of companies would still be disengaged when it comes to innovation.
So what’s wrong? Why aren’t more companies innovating?”