Can a company have too many innovation projects that they lose focus? A new survey released by cloud company, Oracle, shows that many firms are failing to realize more than half of the innovations they propose.
The research, which polled 5,000+ decision makers in cloud solutions and software, revealed that innovation barriers were particularly pronounced in bigger companies, and across high growth firms.
Over commitment to innovation projects is preventing companies from realizing their innovation initiatives. Over a third of companies say they are overwhelmed by too many innovation projects, while 22% say the lack of process is hampering their innovation efforts. Another 22% blame a lack of vision.
Insufficient commitment from the business, coupled with a lack of clear ownership, were shown to be key barriers to a company’s success in innovation.
“Employees will always be a critical factor in any innovation program – both coming up with new ideas that address real problems and seeing them through to fruition,” says Neil Sholay, vice president of Innovation at Oracle. “But they need an effective and supporting culture of innovation to be successful. This starts with a clear vision from leaders and the prioritization and funding of chosen projects. Being innovative isn’t just about ideas, it’s about execution.”
But despite the barriers, the survey showed that 85% of companies experiencing strong to significant growth are investing in innovation.
The survey did not detail figures from the region, but the Middle East has been focusing on innovation as it looks to diversify economically. In 2014, the UAE announced that it will be one of the world’s most innovative countries by 2021. It has since then invested extensively in technology and talent to become more innovative.