While innovation is a fast moving train we all need to hop on, we also need to be aware of the reasons it may fail so as to avoid its predicament on our projects or endeavors. These reasons are, but not limited to:
This is a challenge that crushes an innovator's soul. Numerous possibilities can occur on any of your important days thatdecides your fate of which you have little control over. Be sure to plan ahead in terms of time because timing impacts product launches, business deals, cost of goods, and dozens of other crucial innovative decisions.
ii) Insufficient funding
Even with a kick-ass
prototype in hand you need resources to develop the prototype into a product.
Whether as an entrepreneur or a middle manager, odds are good that to finish a
prototype, or make a product out of it, you’ll need someone else
approval on funding input.
iii) Lack Of Practical Solutions
Until you can show the manifestation of the idea, it is still just an idea. Thousands of brilliant minds have conceived brilliant ideas, but failed, despite years of dedicated effort, to successfully sample them.
iv) Lack Of Consistency
A lot of times the process of innovation gradually fails, due to the lack of actively putting in the same amount of work, time and resources in developing innovative projects.
v) Lack Of Collaboration
Collaborating with your team mates or whoever you are working alongside in your innovation project is crucial. Collaboration is a key to innovation. While many organizations understand the importance of collaboration internally, collaboration externally can be equally important.