5 Challenges of Innovation in Business

5 Challenges of Innovation in Business

Innovation is a critical initiative for organizational growth and success, but it can be a challenging process due to several internal challenges. The first challenge is the absence of an innovation strategy to define the direction and operations of innovation. Another challenge is the lack of employee motivation and empowerment, which hinder internal innovation. Additionally, when innovation is limited to just one functional group, a business may miss out on unique perspectives and ideas from other departments. A lack of collaboration and missed customer connections are also common challenges. Overcoming these challenges is necessary for long term success.

View

More Innovation Resources:

How Segway became the best unused idea

The Segway, a self-balancing electric transportation device, failed to become revolutionary due to closed innovation resulting in expensive cost, poor functionality, and lack of consultation with potential buyers.

View

No HR, No Bureaucracy: Activating 100% Intrapreneurship

Intrapreneurship requires a tolerance for risk and a willingness to innovate. It's important to balance classic management styles with entrepreneurial skills for success.

View

5 Things that Are Slowing Most SMBs Down

Five common things slow down small and medium-sized businesses (SMBs), including weak online presence, lack of short-term goals, maintaining cash flow, a diverse client base, and huge overhead.

View