Myths about innovation

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Innovate without myths

Innovations are important in all industries. The accelerating pace of change of the market environment is the main reason why CEOs believe that innovations are currently as important for their business as market expansion.

How then do successful innovators create the processes, structures and procedures to enable them to implement their many promising ideas? We will begin with an explanation of several myths about innovation.

Seven misconceptions about the innovation process

1. It is possible to delegate innovation

Effort to innovate must come from top management. The innovation process will fail unless it is under the auspices of the CEO.

2. Middle management is the ally of innovation

The managers are not always the masters of innovation. They tend to prefer effectiveness over innovation.

3. Innovative people work because of money

Building a corporate culture that is rooted in innovation attracts and retains creative professionals.

4. Innovation is a lucky coincidence

A successful innovation is more frequently the result of a structured process of sorting many proposals and ideas.

5. The more open the innovation process, the less disciplined

The progress of relationship tools like social networks accelerates open innovation.

6. Companies know how much innovation they need

Leaders must assess their potential for non-organic growth (mergers and acquisitions) to be able to determine their innovation needs.

7. It is not possible to measure innovation

Management must be able to determine the Return on Innovation Investment (ROII).

38%

of leaders, surveyed in the Slovak CEO Survey 2014 by PwC and Forbes, see innovation as the main opportunity to grow.