The biggest risk associated with innovation is not to innovate. If the company does not have innovations, it allows competition to shape the future.
New ideas will shape the market that will no longer be interested in old products.
Because of this, we can say that sometimes the challenges of innovation are big, but the risk of non-innovating is much higher.
In other words: Standing on the same place is like going backwards!
So, companies should look to the future – to new trends and new opportunities.
How to scan that? Just catch-up with latest news on your domain – try to scan trend reports on the web, join linkedin groups, follow consultants, conferences & competitors on twitter…
Next point is to start innovation process introducing innovative culture in the whole company. Ideas which are coming from every employee must be heard and everyone should have the same chance to come with new idea.
If that’s not enough, external sources could be included using open innovation process, which allows everyone(or everyone invited) to submit an idea to this company.
There are many opportunities, for start: don’t stand on the same place! 😉