The 6 Reasons Innovation Fails With Dwayne King

In today's episode, we are joined by Dwayne King who works at the intersection of experience transformation, human-centered innovation, UX design & research. His unique view of organizations has allowed him to diagnose the real reasons 90% of innovation labs fail. Tune in to learn how to lead the other 10% and set your innovators up for success.    IN THIS EPISODE:   [04:40] Pursuing the wrong idea can be one of the key elements why your innovation efforts might fail right at the beginning.  [08:12] Companies no longer need to stay within their category. Dwayne shares an example of a company that successfully expanded out of its category. [15:08] Two important elements of design thinking that need to be considered during the innovation process.  [22:00] Common funding mistakes that most companies make right off the bat. [26:09] Three challenges that companies face when transitioning from an innovation experiment into a full-blown product. [34:12] Importance of structuring innovation teams for success. [40:20] Why product managers might not be as successful on an innovation team. [44:43] How lack of the leadership and culture to support innovation within an organization sabotages innovation.   KEY TAKEAWAYS:   Just because there's a problem to solve, it doesn't mean that it's your problem to solve. Stop making big bets and instead make smart bets by starting with the right insights and design thinking. Transition through innovation stages consciously and ensure that the right teams, technology, and investments are in place at each phase. Build a well-rounded and empowered innovation team and oversight board. Slapping titles and labels on these things does not make them a reality. Foster a culture of innovation from the top all the way down. Innovation only happens in an organization that is primed to incubate and embrace innovation.   LINKS MENTIONED:   Dwayne's LinkedIn Profile   BIO:  Dwayne King Dwayne built his career at the intersection of experience transformation, human-centered innovation, UX design & research. He leverages these lenses to generate meaningful change within organizations that helps them connect with their audience to create positive business outcomes.    He works across many industries in a multitude of problem spaces. Because of this, he is an expert learner, quickly transforming from a questioning student to a confident strategist and leader regardless of the problem space or industry.