The key to successful innovation is creative thinking and creative destruction. Out with the old, in with the new.
The goal is to allocate resources for innovation with an end deliverable in mind. Innovation without objectives is a little bit like a ride on the interstate with no destination in mind. When you don’t know where you are going, any road will get you there.
Part of this innovation process is developing mechanisms that kill the bad projects — the ones that soak up money with no end goal in sight. We all have our ‘pet’ projects, but pushing a personal agenda without merit is doomed.
Success in business, as in life, is as much about capitalizing on good opportunities as it is about walking away from bad ones. Failure is critical to long term success and taking responsibility for things gone awry is indicative of effective leadership.
About Hemant Rustogi