I had an interesting dialogue with an innovation practitioner in a large corporation the other day. We were talking about how the high rate of innovation failure can hamstring innovation.
"The failure rate is actually irrelevant," he said. "It's the risk associated with those failures that gets you into trouble."
In other words, failure would be fine, if it wasn't so darn expensive. Because failures cost money (and time), high failure rates can cause corporations to become very gun shy about innovation.
The real answer is to dramatically decrease the cost of failure. A leadership team seeking to achieve this aim has three levers at its disposal:
- Lower the costs of experiments.
- Change the order of experiments.
- Increase the pace of decision making.
Read the entire post from Scott Anthony.
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