As you saw in the video above, about 96% of innovation projects fail to make a return on investment.
That means only about 1 out of 25 of your projects is likely to succeed
With such high risk and wasted time, money and resources, it is no wonder management is afraid of investing in innovation
But why is this happening?
Often, it boils down to the innovation teams and leadership not being able to work well together, validate whether progress is being made, and manage the resources in an appropriate manner.
After all, traditional project and financial management processes are not designed to work for innovation projects and teams. So no wonder the teams are destined for failure.
However, if your company wants to improve the likelihood that your projects will succeed, I can help.
I have developed a unique new innovation framework called the Lean Innovation Validation & Execution (L.I.V.E.) system.
It uses a standard set of 31 checklist questions which can be used to manage any innovation project, while:
- reducing risk of failure
- speeding up project progress
- validating if progress is being made
- prioritising resources between projects
- getting alignment between the project delivery and management team.
To find out more about the L.I.V.E. system, click here.
And if you would then like to talk to me about potentially coming and helping your team learn about how to implement it, contact me and let us discuss.