PA-logo-424x384PA Consulting Group recently published an Innovation Report, which makes very interesting reading. Here’s some of the main points that I took from it; they are really good areas to consider and apply.

Five Innovation Killers

PA identified five innovation killers in an organisation:

  1. Fear – don’t take risk with new things
  2. Lack of focus – don’t clearly define innovation objectives and goals
  3. Engine Failure – failure to commercialise good ideas at pace
  4. The Wrong ROI – value ideas incorrectly so they get killed off too early
  5. Reluctance to Invest – ideas fail because they are not backed enough

Innovation Cultures drive Growth

I loved this quote:

“Our research suggests that organisations with an innovative culture are better at driving growth – they have the confidence to take on high-risk innovation, the capability to learn quickly from failure and the right mix of talent to make innovation happen. Above all, they have strong leadership that encourages and nurtures innovation.”

What Makes an Innovation Leader

Finally, a little something on what makes an organisation an innovation leader:

  • Innovation Leaders strive to be innovation pioneers
    (73% of leaders vs 45% of the rest)
  • Innovation Leaders often back high-potential but risky innovations
    (57% of leaders vs 36% of the rest)
  • Innovation Leaders learn quickly from mistakes in innovation
    (89% of leaders vs 60% of the rest)
  • Innovation Leaders have the right mix of skills to make innovation happen
    (91% of leaders vs 57% of the rest)
  • Innovation Leaders harness digital technology to accelerate their innovation initiatives
  • (87% of leaders vs 64% of the rest)
  • Innovation Leaders put innovation at the heart of their corporate culture and mission
    (71% of leaders vs 43% of the rest).

I’m still digesting this report, and recommend you do the same.

Credit: Photo by Austin Neill on Unsplash