How to Get Things Right

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Robyn Bolton shares a well-balanced post that explains why 95% of new products fail and how to do the right things in the right ways at the right times to ensure success. 

Most people know that 95% of new products fail within three years of launch.  It’s often cited as evidence of big companies’ inability to be innovative, keep up with changing consumer demands, and respond to the nimbleness of start-ups.

Naturally, companies don’t want to fail in the market, so they try to get better at listening and responding to customers, more comfortable investing in unproven but potentially market-defining technology, and more willing to question and change their business models.

Yet, the market failure rate stays essentially the same.

“Ah-ha!” the experts proclaim, “if companies are doing everything right and 95% of innovation projects are still failing, that means that projects are launching that shouldn’t be.  That means we must get better at killing projects before they launch!”

Suddenly, Fail Fast becomes the corporate mantra.  More projects start because it’s ok to fail.  More projects get killed, a mind-boggling 99.9%, according to one study.  Fewer projects get launched. 

Yet, the market failure rate stays essentially the same.

Why?  Why does the market failure rate stick stubbornly at 95% if companies are doing all the right things, including killing 99.9% of ideas and projects before they even get to market?

Because it’s not enough to do the right things.

You must do the right things in the right ways at the right times.

Here are the three most important ones:

 

Key points include:

  • Right Thing #1
  • Right Thing #2
  • Right Thing #3

 

Read the full article, 3 Things To Do in the Right Way at the Right Time for Innovation Success, MileZero.io.