Dr. Evans Baiya shares that many major innovation projects fail—and that there is a secret ingredient for success: people.
Episode Transcript:
For a long time, we always used to talk about the systems, the strategy, the ideas of innovation. And yet, with all that knowledge we still get only [a] 7% success rate on major innovation projects. Seven percent! So, we got asking ourselves, why? And we found out that 73% of successful innovation is attributed to this particular element: the people factor. But nobody had actually spent the time to investigate how and why. We engage the right people, you’ll get much better results versus if you actually just left it to anybody to just execute. I have a saying that I like to use, that I would rather have two right people in the right stages of innovation versus have 10 people who are not placed in the right stages. Because what happens? You get noise.
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