COVID-19 busts Innovation Myths - Dr K Rajeshwari

Successful organisations all over the world understand that innovation is vital for their survival, growth and sustained performance (Blundell et al.,1995). National Knowledge Commission, BCG and Mckinsey have highlighted how organisations need to innovate in order to stay relevant. The stark reality is that the majority of the new ideas developed never get launched in the market and those that do, face a failure rate somewhere in the order of 25 to 45 per cent (Crawford, 1987; Cooper, 2001). For every seven new product ideas, about four enter development, one and a half are launched, and only one succeeds. A meta-analysis study of new product literature indicated that most of the factors affecting new product success are internally controllable by management (Benedetto, 1999) and provide a higher non-replicable competitive advantage than the external factors.