Executives consistently name innovation among their highest priorities … and greatest frustrations. Researchers estimate that 70% to 90% of innovations fail. And despite new organization structures, internal incubators, big data, and even artificial intelligence, there is no evidence those numbers are improving.
How Corporate Purpose Leads to Innovation
The best innovations reinforce the company’s purpose and create mutual value for its key constituents.
November 01, 2023
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Summary.
Too often, companies’ innovation efforts overfocus on one or two stakeholder groups and ignore the others. The result is failure. The best innovations create mutual value for all key constituents: the customers, employees, suppliers, communities, and investors that together have a material “stake” in the innovation’s outcome. This article provides four tips for harnessing your corporate purpose to improve your innovation success rate.
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New!
HBR Learning
HBR Learning
Innovation and Creativity Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Unlock your team's curiosity and willingness to take smart risks.