Great article which looks at innovation within companies today. We all know we should do it, for the future of the company, but as Brian Solis said "Digital Transformation was all going well and then we got stuck in meetings"
Critical for any business is a strategy, that all of the Board (C-Suite in the US) sign up to. As with any change in the business, this needs to be communicated to the staff.
Innovation is hard, the company has to decide how they will support this, separate organisations, incubators are all organisations and this needs to be all open and above board.
A person once came up to me and boasted "we are in the new organisation, you are all dinosaurs and will end up being fired". Which you can imagine wasn't that motivating.
It does not matter what industry you are in the ease to which new businesses can be spun up and created, they will come. You have to decide if you want to be pro-active or re-active, both are strategies.
As the post-Great Recession economy has strengthened and companies have found themselves able to stop worrying about just surviving, but thriving, innovation has taken a front seat. In fact, a McKinsey & Company survey found that more than 70 percent of executives anticipate innovation will be a top driver of growth for their companies in the next five years. But McKinsey’s research also revealed that most of these executives have been disappointed by their companies’ innovation efforts. Approximately 65 percent of the executives surveyed said they sat somewhere between “somewhat” and “not at all” confident in their decision-making abilities regarding innovation.
