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Allocate resources to R&D and stay ahead by exploring emerging technologies like AI, 3D Printing, and Robotics which can serve as catalysts for radicalinnovation. Adopt an agile and lean innovation framework to ensure that ideas are analyzed and validated quickly. Foster an open and collaborative innovationprogram.
In other words, it is because sometimes innovation strategies fail to produce products/ services that the customers want. Which brings us to the question, “Why do innovationprograms fail?”. Below are 6 reasons why innovationprograms can fail. Take the following innovation management process for example.
For corporates, radicalinnovations are, in most cases, a nice-to-have or the cherry on top of the cake. Rarely innovation projects are being prioritized over the daily business. However, especially in radicalinnovation projects, the customer segments are so different that it just does not make sense in most cases.
Radical & Disruptive Innovation On the flip side, radical and disruptive innovation challenges the status quo by introducing new concepts, products, or models that shift market dynamics. Radicalinnovation is about making significant leaps forward, often creating new industries or reshaping existing ones.
By dedicating 70% of resources to core innovation (Horizon 1) (aka continuous improvement, aka incremental innovation), 20% to adjacent innovation (Horizon 2) (aka differentiated innovation), and 10% to transformational innovation (Horizon 3) (aka disruptive or radicalinnovation), organisations can ensure a balanced portfolio approach.
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