5 Steps for a Better Innovation Culture through Experimentation & Failure

Innovation requires a willingness to take risks and learn from failures, but many companies are reluctant to share their failures and how they approach them. To build a stronger innovation culture, companies must take ownership of the process and recognize the importance of smartfailing. They need to understand why failures occur, gain a better overview of where the problems lie, and create a common understanding in which failure is seen as a learning opportunity. Companies should also communicate better on this sensitive topic internally and externally, find ways to reward behavioral changes that lead to desired outcomes, and educate employees, managers, and executives on innovation. It is no easy task, but it is necessary for survival in a business environment driven by a faster and faster pace of change.