Justified reluctance?

Leaders are often criticised for their reluctance to invest in innovative ideas.

Are we to quick to judge them?

Contrary to the popular belief, I observed that senior leaders are often keen to invest in innovation. They understand innovation is a viable path for navigating uncertainty and creating value.

But they are also aware of the many risks, including loss of money, talent and reputation:

• Loss of money. Nearly 90% of innovation investments yield no returns. Executives find it difficult to control the cost of innovation. Too much control strangles innovation, while too little control leads to gambling.
• Loss of talent. Innovators are passionate about their ideas. If they cannot find means to express their creativity and entrepreneurship, they will seek other options.
• Loss of reputation. High-impact innovation projects are also high-risk, meaning an executive must champion it. Failure then becomes reflected on their track record.

Above are very real risks.

Good news?

Corporate innovation is about taking calculated risk, at scale.

There are systems, strategies, and skills we can put in place to maximise our odds of success, minimise our exposure, and fast-track our most promising ideas.

Best news?

Managing innovation can be learned, because it is a transferable skill.