Nurturing a culture of innovation and risk-taking is a major driver of growth
Risk has become a dirty word. In the current economic climate, many firms instinctively seek to protect past successes instead of commercialising radically new products.
But businesses bold enough to develop a forward-looking, risk-taking corporate culture and brave enough to cannibalise existing successful products, in order to commercialise radically new ones, are more likely to dominate world markets and increase the competitiveness of their national economies.
My research, which analysed the experience of over 750 businesses in 17 countries, concluded it is a firm’s corporate culture that is the strongest driver of radical innovation. And it is this radical innovation, more than many other frequently cited factors, which translates into financial value for firms.
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