Drivers of profitability
Surveys among top managers illustrate the importance of innovations for the corporate success:
Enhancement of the innovation capability44%
Measures to reduce costs42%
New markets through internationalization40%
Focus on core competencies39%
Most innovative companies
The key evaluation objectives are factors like the proportion of new products within the entire portfolio or the number of new patent applications per year.
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Too many innovations fail! The failure rate varies depending on the respective industries:
Average flop rate across all industries
Reasons for failure
Some of the most frequent reasons for the failure of innovation projects are:
Lack of willingness to embrace change
High risk aversion at various levels
Low level of trend and future orientation
Mistakes in the handling of creativity techniques
Lack of necessary resources (time, money, people etc.)
Operational mistakes in the implementation process
Comparison of incremental vs. radical innovations
Disruptive innovations have an above-average influence on the profit outcome of companies
New products or services86%
Auswirkungen auf den Umsatz62%
Auswirkungen auf den Gewinn39%
Effects on turnover38%
Effects on profits61%
Despite the positive effects of radical innovations on the business performance many managers are afraid of implementing them! This is where we would like to help you. Our consultants are happy to support you in the implementation of your innovation projects and point out specific ways how to turn market opportunities into a market success.
Our range of services includes measures for the incremental development, but also for a radical redefinition of your service portfolio. Contact us today and benefit from our long-lasting experience in the field of trends and innovation!
Jan Kristof Arndt [Founder and CEO, trendINNOVATION | Trend and Innovation Consultancy]