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Value Creation Blog

5 Ways To Make Sure You're Not Innovative – Creating Value

Posted by Josh Patrick

gears of innovation resized 600Innovation is at the heart of vibrant companies.  Without it product offerings become stale and customers leave.  It’s important that you not only understand that you need innovation, but what can prevent you from getting any in your company.

Doug Hall of the Eureka Ranch has come up with five reasons that innovation fails.  I think it’s a good idea to review them and make sure you’re not guilty of keeping innovation from happening in your company. 

Innovation is a driver of value, both when you are running your company and when it comes time to sell.  Companies that have a proven system of innovating will be more successful than those that don’t. 

Make sure you’re not guilty of one of these five things:

We don’t test well.  Without testing it’s impossible to be innovative.  All innovations are the product of trial and error.  If you don’t have the trial and move on part of the innovation process down you’ll be too scared and take too long to have any innovation be meaningful.

We don’t have a sense of urgency.  Today the world moves faster than it did five years ago.  It’s likely the world will continue to move quickly and five years from now we’ll be spinning even faster. 

If you don’t develop a sense of urgency in developing new innovations you will likely always be late to the party.  Those who are obsessed with failing fast and failing cheap will find ideas that are worthy of their customers and the market they serve.

We don’t admit failures when they happen.  If you don’t like or at least learn to tolerate mistakes you can’t be innovative.  The innovation process is sloppy.  You are more likely to develop failures than successes.  For an innovation to see the light of day you must learn to admit when things don’t work and move on.  Those who can’t do that just won’t be able to innovate.

Leaders don’t get close to the work.  There are few things more important than innovation in any company.  Leaders who try to delegate innovation to others won’t have any. 

People in organizations look at what their leaders spend their time focusing on.  If innovation is not on that list then no one else in the company will focus on being innovative either. 

Your people don’t listen to what you say, they watch what you do.  If you focus on innovation others in your company will also.

CEO’s don’t get behind the project.  Once an innovation is identified, the CEO needs to get behind the project.  Without support from the top an innovation just isn’t going to happen.

Our employees are not anxious to get fired or take what they consider unnecessary risks.  The people in our companies who bring innovation to the foreground will need support.  The only people who can provide proper support and provide a culture of innovation is the CEO.

Do you consider yourself and your company innovative?  Do you find that you’re breaking any of the rules of innovation?  If so, you might want to examine your actions.

Josh Patrick

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Topics: for business owners, value creation, innovation

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