Why implementing corporate innovation is so difficult

While corporate innovation is commonly touted as a viable strategy for sustaining superior performance in today's corporations, the successful implementation of corporate innovation remains quite elusive for most companies. A recent Accenture survey of more than 500 executives revealed that over 50% report a poor innovation process, while fewer than 18% believe their own innovation strategy provides a competitive advantage for the firm. While many causal reasons can be offered, our research on corporate entrepreneurship and innovation demonstrates there are four key implementation issues that most corporations are not recognizing or responding to effectively. Effective recognition of and response to these four implementation issues may represent the difference between those companies that create a successful corporate innovation strategy and those that do not. The four issues are: (1) understanding what type of innovation is being sought, (2) coordinating managerial roles, (3) effectively using operating controls, and (4) properly training and preparing individuals. Together, these four issues—if understood and appropriately addressed—help create an effective innovative ecosystem within the organization.