The balance between risk mitigation and being equipped for risk readiness is still an ongoing struggle to balance for most organizations.
There is still a continued reluctance for exploring new radical innovation opportunities and although organizations ‘talk’ growth, they continue to struggle in achieving it through new innovation.
The incremental commitments to innovation still rule the day to move growth along. Until a new sustaining confidence returns to our economies, risk mitigation dominates as markets continue to be more volatile and unreliable in predictive data and executive sentiment remains cautious.
Our organizations are looking for a higher certainty of return and seek sometimes endless validation and justification before they commit, even to small incremental changes. It is no wonder incremental innovation dominates in our innovation decisions; it is where reality sits for many. Are we heading off in a bad innovation direction?
With many of the leading developed and developing countries experiencing a contracting economic performance we are getting caught in a ‘catch 22’ situation. The more our firms do not expand, the lower the innovation productivity rate. The lower the productivity rate, the tougher it becomes to improve standards of living, boost skills, deepen capabilities, keep competitive and find those more distinctive new products to grow the market before competitors do.
Innovation productivity actually raises the competitive game
Innovation productivity is actually a sustaining engine for wealth and job creation surprisingly. The more you improve speed, efficiency and scale you attract others to adopt similar approaches. The raise in productivity happens when others adopt improved ways to equally compete, the benefits start to spread and this drives innovation productivity.
It goes: the more efficient we become, the more effective and that leads to increased innovation opportunities. Continue reading