From the course: How to Innovate and Stay Relevant in Times of Change and Uncertainty

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Getting the right pieces in place for successful innovation

Getting the right pieces in place for successful innovation

From the course: How to Innovate and Stay Relevant in Times of Change and Uncertainty

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Getting the right pieces in place for successful innovation

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(upbeat music) - A lot of companies are wary of innovation. And they associate it more with risk than with opportunity, which isn't surprising. According to Clayton Christensen, "95% of all product innovations fail." And McKinsey's Global Innovation Survey showed that only "6% of executives are satisfied "with their organization's innovation performance." A number of studies into why innovation fails identify lack of leadership support amongst the top reasons. And just like the timid holiday-maker who dips their toe in the water before shivering and scampering back to the safety of their beach towel, most businesses fail to fully commit to innovation. They sight failed projects for their reticence, when in fact, it was their reticence that caused these projects to fail. Here are a few suggestions to improve the strike rate of your innovation projects. Don't start without a strategy. A strategy is nothing more than a…

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