Why Is Innovation So Hard?

Most companies struggle with innovation management, with only 6% of executives satisfied with their innovation performance. Companies are used to managing incremental improvements in their existing business models, making it challenging to manage disruptive innovations. Innovator's Dilemma explains why established organizations often fail to innovate, as they focus on serving high-end clients using existing value channels. Common obstacles to innovation include missing critical capabilities, cultural challenges, lack of leadership support, and issues with organizational structures and processes. Integrating innovation to the core involves a disciplined and holistic approach. Finding a balance between short- and long-term innovation projects can decrease innovation risk while maximizing business portfolio growth potential.