Forbes Business Council: How To Set Your Company Up For Consistent Innovation

From Forbes Business Council:

Your boss tells you to create the next multimillion-dollar blockbuster product. After all, you are the expert. Yet, no matter how much your team tries to think outside of the box, your innovation iterations can’t seem to break through the legacy product. Sure it has better bells and whistles, but at the end of the day, it’s still the same widget with a new name.

Touting Innovation Isn’t Innovation

Some companies resort to “fake it until you make it” through innovation by association. Innovation becomes a marketing budget line item. They sponsor splashy events and hackathons and invite startups to award ceremonies for PR photo ops. Others run company accelerators but struggle to create an innovation pipeline that isn’t crushed by the parent organization’s bureaucracy and political roadblocks.

A few, such as Amazon’s Lab126, manage to innovate successfully. They check all the boxes: autonomy, multi-year budget, unwavering commitment from CXOs and the innovative culture to fail with discipline. But if your company isn’t ready for an organizational design overhaul, how can you think outside of the box to get substantive wins?

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