Inventions pop up in companies every day. But true innovations rarely raise their head. 9 times out of 10, new innovative products and businesses come from outside a company, from new market entrants and not the market leaders.
So why is true business innovation so hard to find in a large corporation?
The primary reason innovation is killed off within a corporate beast is because it is a foreign body, with different DNA and blood type than the existing company. Companies are built to be regular, process-driven, and geared towards success. Innovation by its very nature is irregular, freeform, and focused on learning from multiple failures.
Fail Fast. Fail Cheap. Rinse and repeat.
So if you wish innovation to survive in your company, you have to be ready to toss your plans out the window and change direction with each turn of customer feedback. Because, in the words of the great philosopher, Mike Tyson, “Everybody has a plan, until they get punched in the face.”