Humans are creatures of habit, which makes innovation difficult for them. Now, what about businesses? Surely there is a similar dynamic going on which is why businesses fail to innovate and reach their demise. Well, often times in the business world, especially in the big business world, the picture is much more complicated. Often times, a business literally has the future on “the tip of their tongue,” they have an internal research department that presents the next big thing right up to upper management on a silver platter, but they fail to act on that knowledge and thus reach their demise.
The list of how big businesses failed to innovate and why is jaw-dropping with suspense, with countless classics like how Kodak failed to take hold of the digital photography revolution despite being the literal inventor of it.
20191008/DuckDuckGo why do businesses fail to innovate
20191008/https://www.forbes.com/sites/henrydoss/2015/01/12/why-big-business-fails-at-innovation/
20191008/https://valuer.ai/blog/50-examples-of-corporations-that-failed-to-innovate-and-missed-their-chance/
So, circling back to my previous suspicion, well, no, not really, it isn’t solely because of human habits that businesses fail to innovate. It’s a collective decision-making failure across a community. Upper management has their habitual operation, they hold their prejudices and biases, and the lower workers sometimes aren’t punctual enough in questioning the establishment. Other times they are, and they decide to leave and start a competitor that out-competes the old management. In any case, the picture is much more complicated and not so simple to explain in the business sector.