It is a well-known empirical fact that Finnish and global companies spend up to 95% of their Innovation and R&D resources on incremental innovation. You need to make sure that your products and services are per latest market demand.
Makes perfect sense. However, as most companies are striving for profitable growth and change, you should do some venturing beyond the current offering. This means that the need for significant innovation is there, but often the means are not.
The clear answer is that companies processes and competences favor projects within the core business. Radical ideas will have a hard time getting approval and commitment from senior management. Even that there would be a genuine interest to renew the company and its offering by creating and implementing something totally new, you might not have the needed skills and ways do it.
Core business and quarterly financial results first. Sure – nothing wrong with that. It is just that this is a poor starting-point for radical innovation.
The way to tackle this dilemma is by accepting that your current processes are not apt for radical innovation. These projects need to be freed up from the everyday business pressure. Best is to resource and drive them with different ways and processes altogether.
Innotiimi-ICG will be running a RadiCamp project next year for private companies and institutions. In the project, you would work with other companies on your own radical innovation challenge in a 6-month project, coached and steered by innovation professionals. This is a great way to break away from the usual limitations and achieve extraordinary results.