Surprisingly, many large organizations struggle to foster a culture of innovation within their ranks. This challenge can be attributed, in part, to the inherent risks associated with product development. It’s no secret that a considerable number of new products never make it to the commercialization stage, and even those that do often fail to capture the attention of customers.

However, the issue goes beyond the risky nature of product development. The very structure and dynamics of large organizations can hinder their ability to cultivate creative and entrepreneurial behaviour. Often, these organizations are not the ideal breeding grounds for innovation and breakthrough thinking. The bureaucratic nature, hierarchical structures, and processes that are deeply ingrained within these organizations tend to stifle creativity and discourage risk-taking.

To truly thrive in today’s competitive landscape, organizations must find ways to navigate these obstacles and create an environment that nurtures innovation. This involves encouraging collaboration, providing resources for experimentation, and empowering employees at all levels to contribute their ideas and insights. Only by embracing a culture of innovation can large organizations hope to stay relevant, capture customers’ attention, and maintain a competitive edge in the market.