Q1. Why do you think so many innovation projects fail to generate an economic return?
Bellow is the Instructor answer to the above question “ for a reference only”
Innovation is an inherently risky undertaking. Most innovation projects are characterized by both technical uncertainty (will the project result in a technically feasible product or service?) and market uncertainty (what features will customer prefer and what will they be willing to pay for them?) In their eagerness to innovate, firms are at risk of undertaking too many projects, overestimating their potential returns and underestimating their uncertainty. This is compounded by the fact that many people mistakenly believe that creativity can only be tapped through an unstructured process, when in fact innovation is most powerful and has a greater likelihood of success when it is planned and implemented strategically.
