The three innovation portfolio mistakes is one of the things that one should make sure that they learn when it comes to innovation. The 3 mistakes which people usually make when they are in the companies and especially the big companies are making sure that they pursue too few initiatives, allocating resources inefficiently and also failing to kill the initiatives that are not working which are very wrong. When it comes to the innovations, some of the mistakes usually happen because some of this big organizations are very much comfortable and this is with the big swings and with this they always focus on the much more efficient ones and always put their muscle or the effort on the few initiatives which are key.
With the innovations, most executives always misunderstand the risk curve and with this, they always take the innovation initiatives and most of them mostly fail and it also becomes very hard for them to admit that. Some of the things that one is very sure of when it comes to the big companies are that most of the things and also the initiatives are always killed way before they can be launched which is very bad.
There is always an internal sales friction and with this, the executives always become very reluctant to undertake any risky endeavors. When it comes to the innovations, there is always some corporate politics and with this, the departments which are there always tend to kill the other departments and with this if one department rises the other one kills it and this always tend to kill the initiatives which are there. There is also the coordination challenges and we have the other antibodies to change everything.
One of the things that one should make sure that they try to have is making sure that they have the startups which is very good and with this one is very sure that the organization will change very greatly. Some of the things that always happen if one gets to have the traditional approach are the high outcome volatility and also poor average results which usually happen, we also have deeply inefficient resource and high outcome volatility. Some of the things that one should make sure that they have when they are thinking of having a corporate venturing, one should make sure that they overpay for the deals which they have, they harmonize their financial and also strategic imperatives, they build and also retain a quality and also qualified teams and they coordinate with the mother ship which is very good.