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  • Writer's pictureTünde Lukacs

Turning Around Innovation Hurdles

Top reasons why innovation is not working for you:

2023 was a breakthrough in AI generated portraits
Innovator innovated by AI

No budget (41%) and no interest (41%) - you said in a recent poll I asked on Linkedin.

The (lucky) rest of you has no barriers to innovate. 🚀

I lead innovation in EY's core business services in the Europe West region. I learn tons from the innovation enthusiasts, who book my agenda for shorter or longer slots. Every week, several times a week, we discuss new ideas and approaches.

My learning on what matters in corporate innovation:

(And they push both budget and interest.)

➡️ Promoting curiosity

We have more questions than answers.

This pushes us to learn new stuff a life long.

➡️ Living diversity

People with different backgrounds and understanding bring different perspectives to the table. Ultimately, we get more creative and make better decisions.

➡️ No risk, no fun

My most difficult learning.

But we will fail, and fail forward.

➡️ Psychological safety

I say it a lot, I will say it more.

It's the base for trust, it creates space to challenge and grow together.

The world's 50 most innovative companies bring more value to shareholders: BCG says they outperform the MSCI World Index on shareholder return by 3.3 ppts per year. It's more than worth doing it right.

I also learned that driving an innovation culture is about embracing change, promoting diverse voices, and creating a healthy environment for curiosity and risk-taking to thrive.

What are your learnings? How do you drive innovation?

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