Why Your Business is not Innovating

1. Lack of long term goals

1.1. A focus on risk mitigation and risk adversity

1.2. Short term focus with no time spent on long term

1.3. Focusing on unrealistic financial returns or short term gain

2. Lack of resources

2.1. Lack of adequate funding

2.2. Lack of prioritization of resources

3. Lack of teamwork

3.1. Lack of challenging your team

3.2. Lack of effective communication between team on new ideas

3.3. Lack of knowledge management

3.4. No perceived incentive to be innovative

4. Lack of internal support or buy in

4.1. Resistance to change

4.2. Management discourages innovation in it's culture

4.3. Lack of focus, vision and direction from leaders

4.4. Lack of association of innovation and differentiation with growth

4.5. Leaders defensive to new ideas that challenge status quo

5. No common definition of innovation and how to measure success

5.1. Lack of understanding of the types of innovation

5.2. No key metrics and tracking for baseline and targets

6. Lack of innovation processes

6.1. No idea management

6.2. No new ideas, new problems or learning opportunities

6.3. No process to bring idea from vision to growth

6.4. No research and development

6.5. Lack of effective communication between team on innovation process

6.6. Failure to execute projects effectively

6.7. Lack of measurement and tracking on projects

6.8. Lack of user and stakeholder analysis

6.9. No monitoring or communication on innovations

7. Lack of Customer Focus

7.1. Lack of listening and talking to customers

7.2. Lack of understanding of market and customer development interaction