{"id":132962,"date":"2016-12-23T00:00:00","date_gmt":"2016-12-22T22:00:00","guid":{"rendered":"http:\/\/qmarkets.net\/think-companys-pursuit-innovation-run-course-think\/"},"modified":"2023-02-15T15:51:07","modified_gmt":"2023-02-15T13:51:07","slug":"think-companys-pursuit-innovation-run-course-think","status":"publish","type":"post","link":"https:\/\/qmarkets.net\/he\/resources\/article\/think-companys-pursuit-innovation-run-course-think\/","title":{"rendered":"Think Your Company\u2019s Pursuit of Innovation has Run its Course? Think Again…"},"content":{"rendered":"\n

For several years now, the pursuit of innovation has been established as one of the top priorities for senior leaders at large organizations. Don\u2019t believe me? Take a look at these research reports from PwC<\/a>, Deloitte<\/a>, Forrester<\/a>, and Gartner<\/a>.<\/strong>  <\/p>\n\n\n\n

However, while many corporate leaders are eager to enter the race to innovate, the majority of them give up before they reach the finish line. The reason for this? There is no finish line.<\/strong><\/p>\n\n\n\n

If there\u2019s anything we\u2019ve learned from the last 10 years of technological advancements, it\u2019s that humanity\u2019s potential for enhancement, modification, deviation, and then reinvention, is categorically unfathomable. The problem is that overcoming barriers to change and innovation can be hard, especially when you can\u2019t see the finish line. But it\u2019s this mindset which must change in order for companies to maintain a competitive edge and fight disruption. Innovation is not a race, and nor is it a marathon \u2013 it is a function of life which should be seen as essential as respiration.<\/p>\n\n\n\n

The Psychology of Stagnation<\/h2>\n\n\n
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\"Overcoming
As history has gone by, innovation has grown exponentially<\/figcaption><\/figure>\n<\/div>\n\n\n

<\/p>\n\n\n\n

In 1899, when the commissioner of the US patent office, Charles H. Duell proclaimed that \u201cEverything which can be invented has been invented\u201d, it\u2019s unlikely that he expected his words would be dug up over 100 years later as proof to the contrary.<\/p>\n\n\n\n

But we shouldn\u2019t judge poor Charles too harshly, after all, we are all guilty of similar cognitive bias on a daily basis. This report<\/a> from Sandroni & Squintani (2004) summarizes decades-worth of psychological research which confirms our innate predisposition towards overconfidence.<\/p>\n\n\n\n

The consequences of overconfidence can be devastating on a personal level, from overestimating one\u2019s driving ability and getting into a fatal accident, to overestimating one\u2019s work ability and failing to secure a dream-promotion. But the consequences of overconfidence in business can be just as dangerous, so it is crucial for leaders to counter this with an opposing force \u2013 skepticism.<\/p>\n\n\n\n

Of course, the terminology here is not clean-cut \u2013 overconfidence can sometimes be a good thing, if it encourages someone to persevere against the odds to achieve their dreams, and skepticism can sometimes be bad, if it discourages someone from following their dreams to begin with. But employing skepticism when confronted with uneconomical practices, underwhelming results, or overconfidence, is the one of most crucial keys to unlocking valuable innovations.<\/p>\n\n\n\n

Where would we be without innovation?<\/h2>\n\n\n
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\"Overcoming
Another reinvention of the wheel<\/figcaption><\/figure>\n<\/div>\n\n\n

<\/p>\n\n\n\n

As mentioned at the start of this blog, many companies give up on their innovation initiative<\/a> before realizing even a fraction of the potential which it has to offer. Most of the time this happens when there\u2019s an inadequate infrastructure to support the project, sometimes it\u2019s a lack of budget and resources, but most concerning of all, there are many examples of companies feeling the same way that Charles H. Duell did 118 years ago \u2013 as though they are out of ideas.<\/p>\n\n\n\n

Imagine the world we would live in today if this mindset had prevailed amongst the great inventors and innovators we\u2019ve seen over the last century. Literally 99% of the products we all use, from bottled water to aviation, from microwave ovens to social networks, would not be here today. This alone should be proof that we can never afford to think we\u2019ve ran out of ideas, but if that doesn\u2019t do it, then maybe this example will\u2026<\/p>\n\n\n\n

Ancient Inspiration for Innovation<\/h2>\n\n\n\n

Our species' adeptness when it comes to overcoming barriers to change and innovation can be traced back over the millennia. Let\u2019s go back 5500 years ago to the ancient civilization of Mesopotamia. One of humanity\u2019s most crucial and reliable inventions can be traced back to this time and place \u2013 the wheel. Remarkably, the wheel hasn\u2019t changed much in the time since then. Of course, we\u2019ve developed new materials and designs, but the mechanical structure<\/a> has remained the same \u2013 until now.<\/p>\n\n\n\n

A start-up called Softwheel<\/a>, headed by CEO Daniel Barel, has made a breakthrough in wheel suspension for the first time in 200 years.  Not realizing that this is something which has been attempted over the years without success, Barel and his team went ahead, because \u201cWe don\u2019t believe in impossible\u201c, explained the CEO.<\/p>\n\n\n\n