While 72% of the senior executives in the survey named innovation as one of their top three priorities, almost half said they were dissatisfied with the returns on their investments in that area. The No. 1 obstacle, according to our survey takers, is slow development times.
Innovation, today, is about much more than just developing new products; it's about structuring the entire enterprise around routinely producing great ideas, rapidly selecting the right ideas to bring to market, nurturing the ideas that prove themselves in the market, and letting go of the ideas the don't. It's about taking calculated risks and making new mistakes in a focused, disciplined effort to discover entirely new markets and revenue streams.
In an innovation-driven organization, there's no such thing as a bad idea except one that isn't shared.