Manufacturers are spending more on innovation but our research shows half of the ideas they generate fail to become a reality. So how can they ensure their innovative ideas turn into commercial success?
As part of our innovation as Unusual survey, we asked 100 senior leaders from the consumer products, industrial engineering and automotive sectors about the critical factors in successful innovation. The findings show that embedding a culture of innovation reinforced by leadership that encourages and nurtures innovation are vital.
Building, embedding and sustaining that innovation culture and securing its rewards requires a focus on six essential levers:
- build internal fluidity
- establish external networks
- embed innovation in the company
- support experimentation
- use free space creatively
- strengthen the ability to manage conflicts