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Part-3: For CEOs, what are the FOUR critical innovation barriers that must be addressed?(Part 3 of 4)

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In my last post, I mentioned that every CEO and business executives who intends to lead innovation as a strategic agenda will need to address four critical barriers to innovation.

First barrier is the mindset to harvest ideas and manage those ideas as Venture Capitalists does not exist. This requires demonstrated confidence to consciously fail, experiment often, and win occasionally. Goal is to do more of it, so you can out-compete the markets. 

Second barrier I mentioned in the previous post was the inability to recognize how to align the abundance of resources available to large organizations for investment in innovation. Smaller and less nimble competition cannot, physically, out-compete you if you can leverage the resources you have.  This is the primary reason for new entrants who win big against existing mature businesses; example: Facebook, Google, Amazon, Skype, etc. 

The third barrier is to recognize the sheer size of the human capital assets that are under-utilized and disengaged from an organization’s creative capacity.  The opportunity for most organizations is to dedicate talented “New Game Teams”, focused on harvesting the creative ideas and leadership competencies, to build new top-line growth capacity.  Proctor and Gamble’s global research and development organization back in 2008, employed over 7,500 scientists; GE used to train 10,000 managers every year and performed over 5,000 detail performance reviews of its senior-most employees; and Cisco increased its engineering workforce by 300% since 2000 to 2008. 

The bottom line: developing a holistic and integrated human capital strategy for innovation is critical so it promotes “value creators” and rewards them to continue to create value while staying in workable compensation systems. Remember, innovation comes from ideas, ideas come from engaged employees, partners, and suppliers. 

For complete details, please download full 23 page whitepaper on “Mastering Innovation –  Roadmap to Sustainable Value Creation by Mr. Jatin DeSai

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