CEOs are still in denial
If innovation can be attained by adopting the proper mindset and following
the ``recipe for innovation'', why then has not innovation been given free
reign to drive the economy into a period of growth? The aforementioned
K&A study revealed that as has been true in the past, while many CEOs
speak to innovation as a priority, few actually back this up with investment
in long-term new product/service development projects. Most CEOs express
a fervent belief in new ideas and claim to be committed to innovation. But
actions speak louder than words.
The truth is that most CEOs and senior managers are intimidated by
innovation. Viewing it as a high-risk, high cost endeavor, one that promises
uncertain returns, they are reluctant to become advocates for innovation.
However, because it clearly represents challenge and opportunity, most
CEOs deny their reluctance to embrace innovation. They deny that their new
product programs are underfunded or understaffed. They deny that they are
closed to new ideas or ways of doing business. They deny that they fail to
encourage or reward innovative thinking among their employees. Most of all,
they deny that they have created within their organizations a fear of failure
that stymies the urge to innovate. All this denial is not good. It sends mixed
messages throughout the organization and sets up the kind of
second-guessing and playing politics that can undermine even the
best-developed business strategies.