Why is it so hard to build and maintain the capacity to innovate?
Innovations made by companies must have determined their strategies and visions well. One of the biggest reasons for the unsuccessful enterprises of the institutions is wrong implemented and unsustainable innovation strategies. The idea of “Any innovation is sufficient for the institution” is wrong. In order to determine the innovation strategy correctly, it is necessary to make decisions in line with the vision of the institution. BMW’s “Better driving experience.” vision and adaptive innovations (e.g. Autonomous vehicles.) have led to BMW’s success.
Focusing on innovation needs that meet the institution’s vision should be the principal strategy. As for instance, as Apple’s innovations cannot operate at BMW, BMW’s innovations cannot be adapted for Apple. It is not possible for institutions that follow inconsistent paths without setting specific goals to be successful and sustain. Besides, there are external challenges. To give an example from our country, I think that we are experiencing a second printing house situation with the banning of Uber, they prevent the innovations to preserve existence.
Kodak, Blackberry, Yahoo, and Nokia are a few companies that disappoint us. When we look at the reasons for the failures of these companies, we see a disability to innovate, inability to stay ahead of the times and unwillingness to change. Nokia’s biggest mistake was they did not want to lead the change in user experience and overestimated their brand. Although Google is the most innovative company in the world, its wrong pricing strategy on Google Glass has caused an unsuccessful initiative.