Innovating in the Exponential Economy
An inability to turn ideas into new products, services and strategies, at the pace required, is putting organisations at risk of failure according to a new industry report from Cass Business School and VMware.
The report, which explores the gap between where ideas originate and how they are executed within businesses across EMEA, reveals the need for a culture of greater risk-taking and experimentation, but not ‘knee-jerk’ moves. Current incentives have led to a culture where ‘quick win’ initiatives are rewarded over more strategic ones – despite the greater potential benefit of the latter.
It also highlights that many business decisions are reversible and waiting on ideas to be fully developed before beginning to execute can be detrimental. The unpredictability and pace of change means organisations can’t wait for certainties before committing to new ideas. These ideas need to be flexible enough to change in the face of different priorities and threats – relying on experimenting and improvising, rather than fully developing an idea and then implementing it at scale.