Innovation can pay off in a big way, but can you afford it?
To decide if you should try an innovative approach, you naturally weigh the large, potential benefits against the known risks — the disruption of existing processes and the added cost of resources needed to carry out the new project. A common response to these risks is to avoid uncertainty as much as possible and only try “safe” projects using familiar approaches. But innovative projects are speculative – they may fail. And in business, a “no failure” policy is also a “no innovation” policy. That means you could miss out on the big wins that innovation can deliver.