Staged Gate accepts failure instead of ensuring success
Innovation projects have many risks. Some of these risks are controlled with project management techniques. Other risks are assumed unavoidable. Staged Gate attempts to limit the impact of the risks by setting up regular intervals to fail and start over. That is a fancy way of saying trial and error. Predictive Innovation® can prevent the failures, thus saving time and money.
Projects like constructing a building have well known steps. Budgets and schedules can be accurately estimated because the tasks have been performed before. Innovation projects always deal with some aspect that has never been done before. That newness introduces two types of risk, first is what to do and second is how to do it. This breaks down into 6 mandatory sequential outcomes. All 6 must be completed successfully for the innovation project to succeed.
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Why do 88% of Ideas Fail to Make it to Market?
The reason 88% of ideas fail to make it to market is companies have no system to turn ideas into marketable innovations.
Even though 87% of CEOs list innovation as a Top 5 priority 78% of companies have NO INNOVATION SYSTEM.
Do you think it’s a coincidence that 88% of ideas fail to make it to market when 78% of companies lack any innovation system?
Innovations produce 300% larger return on investment than capital investments. You can clearly see why CEO’s list innovation as a top priority. Innovation is the best source of profits.
Why don’t more companies have an innovation system?
