Top 4 Innovation Challenges Facing Companies In 2017

Business innovation in 2017I work with many companies in the technology industry and recently conducted an informal survey. The survey asked people working for these companies to identify the biggest challenge regarding innovation in their organization.

Understanding the top challenges facing my clients helps me provide better services to those companies and help them stay ahead of the innovation curve. I’m sharing a summary of the survey results with the readers of this blog so you can understand the common challenges faced by many companies.

Since we are approaching the end of the year, it’s a perfect time for you to look ahead and make plans for 2017. Consider these survey results when planning your 2017 business activities.

Based on my survey, the top four Innovation Challenges facing companies today are:

  1. Fostering new innovations
  2. Protecting innovative ideas
  3. Launching competitive new products
  4. Attracting top quality employees

I see companies struggling with these challenges every day – companies of all sizes and in varying industries (not just technology companies). Fostering and protecting innovations are important activities for every business. And, a thorough innovation strategy can produce valuable new products and attract people who want to work for an innovative organization.

I will be discussing the survey results with my own clients as I help them develop custom Innovation Plans for 2017 and beyond.

It seems that technology is moving at an ever-increasing pace, which makes it difficult for companies to keep up. Fast-growing trends such as “sharing economy” business models, the Internet of Things (IoT), and wearable technology have an impact on every business. If you want to stay at the forefront of your marketplace, and profit from these trends, you must have a plan. Innovation cycles are happening faster, which favors organizations with a well-designed and well-executed innovation plan. Start creating your company’s own innovation plan today.

If you would like to discuss ways that I can help you develop your own unique innovation plan, please contact me to schedule an Innovation Strategy Session.

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