Everyone wants to innovate these days, but it wasn’t always that way. Google’s Ngram shows that, although the term was commonly used in the 19th century, it didn’t become popular in the 20th century until the early 1970’s. Before that, managers valued tradition over novelty.
Now, however, things move way too fast to stand still. Globalization and technology have abolished barriers to entry in most industries and, since 1960, the average lifespan on the S&P 500 has fallen from 60 years to less than 20. If you don’t innovate, somebody else will.
Yet creating real change takes more than happy talk. Mantras and buzzwords are no substitute for solving real problems. All too often, we become so enamoured with a new idea, that we don’t do the hard work of making real change happen and nascent innovations fail to make an impact. Here are three barriers to innovation and how you can overcome them.
Innovation Barrier #1: New Innovations Require New Strategies
Innovation Barrier #2: Your Network Is Embedded In An Older Model
Barrier #3: The Need To Maintain Margins
The truth is that innovation can only succeed when it’s focused on a particular mission. You don’t win a war by saving bullets, just like you can’t convince your organization to adopt change for change’s sake. Every business needs to earn a profit, but that’s not the purpose of the enterprise.
