Top 10 Myths about Business Innovation

If you are worrying about innovation, take heart. Only successful companies do. By contrast, unsuccessful companies either aren't around to do any worrying or are consumed with more pressing concerns, like meeting payroll or paying their bills. At the other end of the spectrum, venture-backed start-ups have lots of worries, but innovating isn't one of them - they actually worry more about not innovating, as in let's not waste our scarce resources reinventing wheels that others have already developed.

But you are not a start-up. You have some success, some momentum, and therefore some inertia, and it is the inertia that has you worried. By design inertia resists change. This is a good thing, as long as you are headed in a direction you want to go. But when the market changes, inertia acts against your future interests. Now you are right to be worried.

So you raise the topic of innovation in hopes of getting some insight. With that in mind, let us go through the Top 10 Myths about Business Innovation:

10. We don't innovate around here any more.
9. Product life cycles are getting shorter and shorter.
8. We need a Chief Innovation Officer.
7. We need to be more like Google.
6. R&D investment is a good indicator of innovation commitment.
5. Great innovators are usually egotistical mavericks.
4. innovation is inherently disruptive.
3. It is good to innovate.
2. Innovation is hard.
1. When innovation dies, it's because the antibodies kill it.

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(Source: Sandhill.com)