Can you afford to fail 50% of the time?
Imagine throwing away
HALF of what you spend.
Yet this is what happens to most innovation efforts.*
Take the restaurant industry.
Assume a .5% allocation to innovation.
That would equate to over $25B in wasted expense.
And lost opportunity for something else you could have delivered.
Which is why the impact is so significant:
– Missed plan
– Reduced competitive advantage
– Lost momentum
– And likely increased future organizational resistance
Most organizations try adding more to the pipe, outsourcing, or adding processes.
But they’re just band-aids.
The benefits of getting it right are profound.
Better revenues, margins, and market cap growth.
This isn’t lost on most of us.
Yet only 21% of executives strongly agree they have the expertise, resources, and commitments they need to succeed.**
Most organizations can materially improve their results by improving in one of five areas.
Without adding any additional expense.***
PS – We often hear about 90+% of innovations failing, which is true in genuinely disruptive innovations (v incremental/sustaining).
* Myths about new product failure rates, Journal of Product Innovation & Management, George Castellion
** McKinsey Innovation through Crisis Survey
*** Capital IQ data, Thomson Reuters Eikon data, Strategy and analysis