Failure is the Friend of Innovation


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Published July 26, 2014

According to a recent survey by KPMG LLP, although executives are increasingly confident about their companies and the broader economy, they are concerned about competition and their products’ relevance long-term. I find that my clients must innovate in today’s new normal business environment, if only to just stay competitive. Continuous improvement is no longer enough!

Those who want to thrive will focus immediate attention on creating a culture of innovation.

One tip to implement this week: Set aside an hour to think. It might seem outrageous as we are all busy. DO it anyway. Don’t worry about creating something from scratch. Innovation is rarely about developing the next iPhone; instead, it is about combining, re-combining or improving ideas, concepts or processes. Consider brainstorming and collaborating. Last but not least, try your idea out. If you fail, don’t give up. Adjust and try again. Failure is the friend of innovation. The most successful innovators have failed countless times. Re-orient your thinking to embrace failure.