Innovation isn’t easy. Globally, at least 90 percent of new product introductions fail in the year they launch. India is often viewed as a hotbed of innovation, but truth be told, the odds of launching a breakthrough success in this market may not be meaningfully better than anywhere else in the world. And the landscape is highly competitive. In looking at more than 14,000 launches in the fast-moving consumer goods (FMCG) sector in 2011 for India, Nielsen deemed fewer than 40 as true breakthrough innovations.
This question can be answered by uncovering the uncommon sense around five key decisions that organizations take as they set out to innovate. The journey begins with the decision to invest in innovation and ends with how they support and nurture their innovations once they’ve brought them to market.