Behavioral Innovation: The Need to Pivot, Why We Don’t and What We Can Do About It

Behavioral Innovation: The Need to Pivot, Why We Don’t and What We Can Do About It

Innovation is crucial for the success of modern businesses, but many startups fail to pivot their business plans, leading to failure. Behavioral innovation may hold the key to understanding why some businesses pivot and others don't. The sunk cost fallacy of innovation is a major contributing factor to startups not pivoting, which occurs when a new business follows an idea over the financial cliff because they have invested our time and effort (and often money!). It is important to know when perseverance no longer makes sense, and this is when it's time to pivot. A new field of research called behavioral innovation is emerging, but at the moment, it suffers from having its main theoretical framework copied and pasted from behavioral economics.

View

More Innovation Resources:

ISO 56002 - A Global Guide For Innovation Management

ISO has established the first global standard for innovation management - ISO 56002, which serves as a guideline and structure provider to enhance innovation management systems in organizations.

View
The “Joy” of Innovation: What We Can Learn from the Story of Serial Innovator and Entrepreneur Joy Mangano

The “Joy” of Innovation: What We Can Learn from the Story of Serial Innovator and Entrepreneur Joy Mangano

The story of Joy Mangano, a serial entrepreneur and innovator with more than a hundred patents, offers great lessons on business acumen and innovation.

View

Why You Should Look Outside Your Organization to Create Impact

Organizations need to consider purpose, value, and worth for both individuals and the company. Broadened ownership and social responsibility are ways to build healthy relationships with stakeholders and create a positive impact on society.

View