Why does micro-innovation matter? Risk of failure.
Almost 90% of businesses believe innovation is critical to success, however most admit they don’t do it effectively. Statistics would prove that to be true:
- 65% of new products fail, according to the Product Development and Management Association.
- 75% of venture capital-funded startups fail, according to a Harvard Business School study
To minimize risk while still being focused on future developments, organizations should take a micro-innovation approach.
Shoot for the moon, but keep your feet on the ground
In May, 1961, President John F. Kennedy proposed to land a man on the moon before the end of the decade. That "moonshot" drove a wave of micro-innovations that eventually led to Neil Armstrong's "giant leap". While Kennedy's vision was important, it was small sustained steps that got them there.
Micro-innovation is the path to consistent growth
When we think of innovation, we often think of companies like Apple or Google - completely reinventing the wheel and changing how we do things. But that’s not how innovation has to be. Innovation can be small - it can be as simple as adding one new feature to a product or changing how you market a service.
A company that embraces a micro-innovation mindset allows for continuous future-focused development while minimizing risk. The result is more productivity, more responsiveness and a "innovative-by-design" culture of growth.
The future looks bright!
The World Economic Forum estimates that the combined value – to society and industry – of digital transformation across industries could be greater than $100 trillion over the next 10 years.
Technologies such as artificial intelligence, robotics, 3D printing, data analytics, virtual reality and more present tremendous opportunities for companies to grow provided they have a structured approach to continuous innovation. WildeSpark provides SME's that structure.