Too often, companies’ innovation efforts overfocus on one or two stakeholder groups and ignore the others. The result is failure. The best innovations create mutual value for all key constituents: the customers, employees, suppliers, communities, and investors that together have a material “stake” in the innovation’s outcome.
This article provides four tips for harnessing your corporate purpose to improve your innovation success rate.that 70% to 90% of innovations fail. And despite new organization structures, internal incubators, big data, and even artificial intelligence, there is no evidence those numbers are improving.Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity.
He heads the firm’s global agile enterprise practice. He is the author ofis a partner in the Los Angeles office of Bain & Company. He leads the firm’s stakeholder strategy work. From 2016 to 2022 he was the executive director of the Drucker Institute.is a partner in the New York office of Bain & Company. She leads Next globally, the firm’s innovation and business building solutions, and the strategy practice for the Americas regions.Accelerate your career with Harvard ManageMentor®.
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