A recent study by MIT Sloan has outlined the reasons on why firms are often so bad at business innovation. For a start, most executives remain primed only for short-term growth, oblivious of innovations taking place at faster maturity cycles than ever before. Many are really poor at gauging business intelligence, in spite of being powered with the latest tools. A sense of urgency seems to be missing from the work styles of several organizations. Some worry that their profit margins are too thin, so risky innovation will eat up those mere margins too. Many suffer from the belief that to innovate one needs to be wild and crazy. On the contrary the true innovative companies are those that have set up a process towards it. Some even back out because they simply do not consider their team or its members as creative enough. Instead, they must learn how to harness the inherent creativity within.

Source:https://executive.mit.edu/blog/six-reasons-firms-cant-innovate#.W03bhdIzZPa

Uploaded Date:18 July 2018