Why Most Innovations Fail? | Crash course on Innovation Part 4
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In this module of the session part 4 of the Crash course on Innovation, you will learn about six reasons why most innovations fail.
1. Not meeting a market need or making stuff nobody wants to buy 4:28
2. Bad Timing 14:40
3. Slow structures and processes that lack speed and agility to execute 16:32
4. Lack of innovation mindset and culture 22:00
5. Forgetting the business part of innovation 23:52
6. Lack of resources that includes right people and capital 27:44
Many innovation initiative fail, whether you are launching new products, or take up innovative projects or even when you do mergers and acquisitions, keeping innovation in mind. Over 90% of innovation projects end in failure, never seeing the light of day or generating any profit for the company.
Studies show that around 60 to 80% of new products fail. It is difficult to determine the exact number of unreported cases, because who would like to talk about their innovation flops. Most companies like to keep their innovation failures in the dark. Therefore getting exact data is difficult on this but according to process expert, Robert Cooper, out of every 7 new products, about 4 of them enter into development phase, 1.5 of them get launched, and only ONE succeeds. That’s how tough the product success rate is. Which leads to the question, why do you think most Innovation fails? What are the reasons and pitfalls? And how can you avoid them.
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