4 innovation myths that might be holding your company back
As the late, great business magnate and Apple Inc. CEO, Steve Jobs, once said: ‘innovation distinguishes between a leader and a follower.’ And while this might be true, it certainly puts pressure on companies and corporations to keep producing and developing so that they can stay relevant in an ever-changing market. It’s important to note, however, that innovation doesn’t have to mean the creation of a new product or technology, but rather relooking the way that services are offered and regularly updating the business model to keep up with current industry trends. Because, as the old saying goes, you snooze, you lose!
There are several notable examples of businesses that have more-or-less been replaced (or are hanging on by a thread) due to their lack of innovation combined with newer, more modern offerings by competitors. The private taxi industry is one of them, which was quickly overshadowed by Uber when it was launched in South Africa in 2013. Another example is that of Blockbuster, which filed for bankruptcy in 2010 while streaming service Netflix — one of the main factors behind the American video franchise’s decline — raked in over R2.6 billion that same year. Need more proof that failure to innovate can lead to company closure? Blackberry — who created the must-have mobile devices that were in everyone’s hands in the early-2000s, announced that they would be shutting up shop in 2017, at least as far as smartphone manufacturing was concerned. The reason? They were more interested in protecting what they had rather than adapting to changes in the market (and, of course, user expectations).
These are only three cases, but there are many more companies that have suffered — and will continue to suffer — the same fate due to lack of innovation. While they might recognise its importance, many of them are more focused on the here and now rather than looking ahead.
Want to make sure that your company doesn’t get left behind? Here are four innovation myths that might be holding you back from becoming a leader in your industry. No more excuses!
1. There just isn’t enough time
In the world of corporate venturing, resources are often scarce, and the same goes for the most precious one: your time. Trying to keep on top of emails, meetings and the immediate needs of your colleagues and clients can leave seemingly little time to concentrate on future innovation. This, no doubt, stems from the false belief that innovation has to be a lengthy, drawn-out process, which it doesn’t. Short, intensive innovation tracks can be just as successful when it comes to taking your company to the next level. All you need is a big burst of creative output and to make innovation a priority, in your business strategy and your work calendar!
2. Innovation is risky business
Sure, the innovation process might seem like a risky one with plenty of money and time at stake. And it is! But so are many other aspects of our working lives that we do without as much as a second thought. Investing in a marketing campaign, hiring a new employee or taking out a business loan also come with significant risk attached, but we do them anyway for the greater good of the company. It is also worth mentioning that, when asked about what they would consider important elements of their success, renowned innovators don’t consider risk-taking to be one of them, but rather developing and honing the ability to manage them effectively as they arise.
3. You don’t have the budget
Another misconception that many people believe is that innovation has to come with a hefty price tag. But this can be prevented if you take a tiered approach to the process. This allows you to establish enough cut-off points throughout to pull the project should the results of the initial stages be unsuccessful, which will eliminate the need for unnecessary, time-consuming meetings so that you and your team can focus on delivering tangible results and excellent output. Long-term, however, it is crucial that corporate leaders try to find ways to protect investments in innovation from budget cuts as to not push ‘pause’ on progress.
4. Innovation is all about ideas
Everything has an idea behind it, and this goes for everything from your successful and transformative innovations to your failures. And while there are companies that hit the jackpot with a one-hit-wonder, often it is the reproduction of smaller successes and looking for problems to solve rather than constantly trying to come up with new and exciting products that separate the truly innovative organisation from the rest. Often a good idea stems from the need to solve an existing issue and gives a sense of purpose, so instead of always seeking out innovations, find a good problem to solve. It could be the start of something huge.
Do you need help with innovation? The Delta is a venture development company that co-creates businesses and products with leading corporations and entrepreneurs. Get in touch with us here.
