Do you have your head in the sand regarding your Innovation efforts? Could you be caught in the dreaded cycle of ‘Non-Innovation’?
Let me explain. Over a number of years, I have observed that many businesses enter what I call the ‘Cycle of Non-Innovation’. Businesses for whatever reason, decide that they must innovate. They also decide that the initial spend is an investment and so should produce an appropriate return. So far so good.
The initial state is what I call ‘Market Directed Innovation’. It is a state in which a business feels it must respond to something in the marketplace. Not wishing to spend too much money, a business will decide, we can do this, it’s not difficult. For many, this becomes a state of ‘False Confidence’. You think you know what to do and how to do it but don’t.
As time progresses a business will realise that there is more to this Innovation lark than meets the eye. maybe you realise that there is a lack of planning, finance or even management. You are now in a state I call ‘Scramble’.
You now carry on, perhaps spending even more. By now you have not made an investment, but have a significant cost instead. Your spend has gone up but there is no return on your investment. Enter the ‘Panic’ state.
At this point, your competitors, who were behind you, are now overtaking. You must do something. And the next state? Next, you progress to ‘Market Directed Innovation’. You are in a cycle which will become ever more costly and ever more dangerous. On the way around, you do have a couple of opportunities to break out but the more you go on, the more costly and more brutal the interventions become.
So please don’t get caught with your head in the sand, help is available. Please get in touch via my contact page to find out how to break the cycle of Non-Innovation. If you simply would like to get some useful hints and tips on a monthly basis then please subscribe to my newsletter.