Why Corporate Innovation has failed and how to fix it: BuiltIn feature

“83% of companies rank innovation in their top 3 priorities, but only 3% have the capabilities to execute.”


Innovation has become one of the most important strategic priorities in the business world, and yet companies have never been less equipped to deliver on these ambitions. We call this the “Innovation Gap”. It’s large, and it’s growing. But there are a few simple shifts that leaders can make to help get the innovation agenda back on track.

BuiltIn featured an article written by 5 Ways to Innovate CEO, Amer Iqbal.

The article discusses in detail the various reasons behind the stagnation of corporate innovation that many organizations currently face. It highlights numerous factors that contribute to this pressing issue, including a lack of clear and coherent strategy, as well as insufficient commitment and support from leadership.

Additionally, an overly risk-averse culture within companies can hinder progress. The piece elaborates on how many organizations often struggle to effectively integrate innovative practices into their existing frameworks, which consequently leads to missed opportunities for significant growth and development. It suggests that, in order to reignite innovation, companies must actively cultivate an environment that not only encourages experimentation but also embraces the concept of failure as a part of the learning process, all while ensuring that innovation efforts are aligned with the organization's strategic goals.

Read the full article in BuiltIn’s Expert Opinions section:

https://builtin.com/articles/why-corporate-innovation-stalled