Faux Innovation and Other Discontents

The author worked with three Global 50 companies and found a common theme of frustration with their innovation efforts due to low implementation and urgency. They identified three reasons: 1) a dominant focus on short-term results rather than long-term shifts in the market; 2) a comfort with the status quo that hinders change and risk-taking; and 3) a focus on the appearance of innovation rather than actual commercial outcomes. To combat these issues, companies should prioritize future-focused agendas, foster a culture of innovation and customer-centricity, and align innovation investments with business objectives. Such companies can reap a higher innovation premium and improve their enterprise and profit growth.