We live in an age of disruptive innovation, as a number of new technologies make possible innovations that threaten traditional industry structures and economics. Incumbents turn to innovation as a means to stimulate growth or ensure survival, however innovation is also not without risks. The opportunity for risk managers in established organisations is to rethink some fundamental risk management techniques, adhering to the adage: ‘disrupt yourself, before you are disrupted’.
Innovation is increasingly important to individuals, organisations and economies. However, startups and new ventures have a high failure rate. This article outlines three keys to managing innovation risk in order to improve the chances of success.
Bringing a new strategy to life is challenging for any organisation or function. Significantly accelerating the timeframe to find a cure for brain cancer was the challenge that the Cure For Life Foundation took on about a year ago. While the journey is still in its early stages, I’d like to share my top 3 reflections on implementing a radically different strategy. These common themes will undoubtedly resonate with other bold change leaders.