Member-only story
Why Most Corporate Innovation Programs Fail (And How To Make Them Succeed)
Today, everybody needs to innovate. So it shouldn’t be surprising that corporate innovation programs have become wildly popular. There is an inherent tradeoff between innovation and the type of optimization that operational executives excel at. Creating a separate unit to address innovation just makes intuitive sense.
Yet corporate innovation programs often fail and it’s not hard to see why. Unlike other business functions, like marketing or finance, in a healthy organization everybody takes pride in their ability to innovate. Setting up a separate innovation unit can often seem like an affront to those who work hard to innovate in operational units.
Make no mistake, a corporate innovation program is no panacea. It doesn’t replace the need to innovate every day. Yet a well designed program can augment those efforts, take the business in new directions and create real value. The key to a successful innovation program is to develop a clear purpose built on a shared purpose that can solve important problems.
A Good Innovation Program Extends, It Doesn’t Replace
It’s no secret that Alphabet is one of the most powerful companies in the world. Nevertheless, it has a vulnerability that is often overlooked. Much…
