Creating Innovation Through Failure

Creating Innovation Through Failure

Posted by Mogean | June 9, 2016 | Culture, Innovation, Inside Mogean, Strategy
Illuminated light bulb in a row of dim ones concept for creativi

In order to build more profitable entrepreneurial ideas within an organization, executives and their managers must be willing to work through the process of trial and error, recognizing that this “error” (or failure) is a vital part of the creative cycle.

A survey from Accenture Strategy shows that many employees believe their employer’s attitude toward failed ventures is important during the creative process. Twenty-seven percent of the employees surveyed said they didn’t pursue entrepreneurial endeavors because of fear of negative consequences, though 52 percent of employers surveyed said they have initiated new pursuits in their organizations.

To build a safe space for entrepreneurial interests, employers must be willing to allow room for innovation, reward employees and provide incentives for their efforts—even if it results in a failed idea. They can then use this safe space to learn from those failures. It’s understandably difficult as an employer to favor innovation over risk. But in order to generate and monetize new ideas, employers must be willing to fail.
Read more here on encouraging entrepreneurship among employees and handling failure in this full article from our own Matt Reilly.

Image Source: http://www.nzbio.org.nz/

Related Blogs

Posted by mogean | 18 April 2017
  "Honesty is the best policy" - an age-old phrase that taught us to tell the truth no matter what the outcome may be. At some point over the years,…
110 LikesComments Off on The Truth Is Not Overrated
Posted by mogean | 28 March 2017
Traditionally, it is thought that the best marketers “know their personas.” These marketers take a group of millions of people and classify them into about three different profiles in order…
107 LikesComments Off on Consumers are Individuals, Not Sales
Posted by matt | 14 December 2016
Elizabeth- We've never met. I am the CEO of a leading-edge tech startup. If you've spent any time around children, you know that sometimes the best teaching opportunities happen at…
118 LikesComments Off on Lesson Startups Can Learn from Theranos