Corporate innovation: 3 common challenges.

Changing the way your company has and is still doing business is certainly not an easy task. Trust me when I say there are a lot of challenges and pitfalls on the journey to explore new opportunities.
Below are three common challenges I’ve seen from my experience working for clients as a Young Digital Innovator.

1. Unrealistic expectations
What most organizations want when they start to innovate” is a magical result a.k.a. silver bullets. They invest minimal resources but expect too much from them.
To give you an example: If I wanted to become a great basketball player, I would need to take at the very least some basketball lessons and play regularly to gain experience and improve as a player. It is completely unrealistic to think I could play like Michael Jordan after playing only three games. FYI: Michael Jordan (arguably the best NBA player ever) missed over 9,000 shots in his career.
The same goes for corporate innovation. It requires time and patience changing a mindset, skill-set and the way of working.

2. Lack of innovation structure
Speaking about taking time…In my experience, organizations do not take enough time to adopt the required mindset, skill-set and structures. I have seen innovation teams struggle with developing the right product or service. One of the reasons is not having the right innovation structures in place. Innovation teams need to be acquainted with tools, processes and mindsets like the Business Model Canvas, Build-Measure-Learn methodology and the Lean Startup.

3. Dealing with failure
Spoiler alert: innovation is more than just having a brilliant” idea.

A lot of the times the top of your organization is convinced his/​her idea is brilliant and will be the next big thing. The innovation team is being pushed to make this idea a success even though the data shows it’s not going to be a viable idea. Why? Because the organization can’t accept failure.

Failure is inevitable and a necessary part of innovation. This doesn’t mean that failure itself leads to innovation. It is how you deal with failure, that’s key! When you are able to understand why something went wrong and learn from it, you will be able to adapt and improve your product or service. Almost all innovative products or services come from failure.

Guest blog by Ken Lam
Originally posted on linkedin.com

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