The Risky Business of Innovation


Get Shift Done: Management

Failure is only one of the risks that innovators face

Businesses have always pushed for innovation, but traditionally most of the focus was on improving existing products. In recent years however, that’s changed as more companies have launch “radical” innovation projects — ones that leap outside the box. The result? Failure is no longer the greatest risk of innovation.

The Big Failure In The Room

In 2015 I collaborated with some of my management peers to propose an “lab” of sorts within our organization. Due to the high chance of failure, company leadership was reluctant to commit resources to the project. In response, we developed a system of checks and balances to ensure the project had the highest chance of success.

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