Listen now to this episode on Inside LaunchStreet:
Understanding why innovation fails and how to move on from it.
In this episode, we showcase Everyday Innovator Kyle Murray, Vice Dean and Professor of Marketing at the Alberta School of Business. He studies human judgment and decision-making, and tools like experimental psychology and behavioral economics to better understand the choices we make.
Kyle sheds light on why sometimes innovative ideas can be too far ahead of their time and people aren’t ready for them, as well as how these ideas get put out without the realization that they might be too outlandish for people to accept. We dive into the role of failures in the bigger process of gearing up for success, and the impact that failures can have on individuals within the company pushing for these innovative ideas vs. the company in the long term.
We really explore some case studies of innovation that failed and the lessons that can be learned from them, as well as the red flags to look out for in innovation. Sometimes, releasing a product that is not quite right is enough to sound a death knell for it, but we also need a balance between releasing a minimum viable product and settling for good enough. Ultimately, Kyle highlights why it is so important to cultivate a relationship with your customers, and how that allows room for failure and innovation.
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