Innovation is all about risk and failure so....
Fail quick, fail fast, give yourself room to fail. Then write it up, learn from it. Share it put it where others can easily find it and move on.
Apart from keeping you fast on your feet it simply helps undermine the emotional baggage that failure implies and allows you to move on and take more risks. Prevarication wastes more money than any aspect of innovation management and we keep throwing good money and time after something which isn’t working. Risk and failure happen. Most things fail- get over it and move on to the next opportunity.
But the crucial factor learn from it, don’t repeat the same thing. Know what failure looks like and trust your gut instincts along with the metrics. Don’t rely on just the numbers.
And if you want to change innovation into stagnation, don’t bonus your management on individual project successes. They will just keep persevering and spend too much of their energy to find something to blame when it does go pear shaped. You end up paying twice. At least.
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