Why do up to 93% of all innovations fail? Innovation expert Ron Price discusses what gets in the way of successful innovation, and how we can combat those roadblocks.
Episode Transcript:
Why do up to 93% of all innovation initiatives fail? That’s right, up to 93%! One reason is because of unclear purpose. Another reason, unclear problems—we don’t really understand the problem we’re trying to solve. Another reason is unclear causes for that problem and also unclear solutions. Oftentimes, innovation initiatives fail because our enthusiasm gets way out in front of the discipline of following the pathway of innovation. It causes us to race ahead and miss the creation of value along the way when we skip the critical steps that perfect our innovation and lead us to success. So let’s combine our enthusiasm with our discipline and our knowledge and let’s keep innovating!
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