Is your organization struggling to drive new innovation initiatives? The culprit may be that your employees are too afraid to fail. When talking with organizations I often hear the same refrain – we want our people to innovate but they won’t step forward to lead new innovation initiatives. Earlier this year I consulted with a company that was struggling with the same problem. The organization had been around for over 25 years and just a couple of years earlier a new CEO was brought in from Silicon Valley. The new CEO saw a lot of potential within the organization but too much of that potential was locked up behind department silos or trapped in the mindset of how things had always been done. He wanted his people to be free to innovate and drive the next wave of ideas and opportunity for the organization but after two years he wasn’t seeing the results he had hoped for.
Most startups will fail. Everyone in the startup community knows that failure is a more common occurrence than success. Silicon Valley has become so enamored by the “value of failure” that rumors suggest they are considering handing out merit badges for failed entrepreneurs. Just how common is startup failure? Harvard researcher Shikhar Ghosh cites that 75% of VC funded startups fail to return a single dime to their investors. So why do we hear so little about failed startups in Minnesota? Are we too “Minnesota nice” to brag about our failures?
We are constantly bombarded with the latest “innovation” stories from Silicon Valley tech startups. Almost never do we hear the stories of amazingly innovative non-profits – but trust me they do exist. As in business, sometimes innovation initiatives succeed but sometimes they miss the mark. How organizations chose to accept and learn from those failures can dramatically influence their future success. They are not just attempting to launch new initiatives, they are creating a culture of innovation.
I have been following the story of Elon Musk for several years now. His attitude toward innovation, risk taking and the possibility of failure is what I consider to be an “example of good.” This attitude has earned him a handsome fortune (worth $12b as of 2014) and a top spot in my “must interview” list for my book. In my previous world of new business development, my team and I had followed Musk’s company Tesla Motors closely as we were working on opportunities in the electric vehicle industry. At the time Musk had just begun general production of the Tesla Roadster and while it had won an award from Time Magazine as one of the best inventions of 2006 it was far from certain that the company could survive.
In business we often launch new initiatives without thinking through the “what if’s?” of the project failing. Instead we get to the end of the road and the initiative didn’t turn out as planned. Rather than chalking up one big failure at the end you can break the initiative up into pieces and evaluate each stage along the way.
Over the last year I have done several posts on the importance of mentorship and I am continually surprised by the feedback of how few organizations are investing in a formal mentorship program. In my work driving innovation and new business development I have always found mentorship to be a critical element for success. Today, I published a piece in the entrepreneur and small business publication Under30CEO on the importance of mentorship in driving innovation work. The article focuses on how mentorship can help drive better innovation results, build stronger innovation leaders, and retain the institutional knowledge gained while driving innovation. I conclude the article with 6 elements that I have found to be vital for a successful innovation mentorship program.
So last week the MattHunt.co Blog officially turned six months old and I wanted to offer a quick thank you to everyone for your support and encouragement along the way. It will be a busy next few weeks in January with a couple of events and a slight redesign to the blog (there will be more details coming shortly).
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