When it’s estimated that 70-90% of new products fail, it’s no wonder that companies are hesitant when it comes to product ideas that demand considerable investment in terms of money and time. On the flip side, failure to be innovative and competitive is not an option. We look at how community and research can come together to encourage big ideas, limit the risk, and create pioneering end products/services.
How many times have you been in a meeting and thought to yourself “there is another way to do this” or been caught day dreaming of the next big idea? Voicing that thought or idea is very different to sitting there thinking about it. Understandably, employees are silenced by a fear of what others will think, or ‘what if the product/idea failed? It would taint my career forever’. It’s time to foster a community where people feel enabled to voice their ideas in a non-judgmental arena.
Employee communities provide an invaluable space for employees to dream big and voice their opinions and ideas in a safe environment. Who knows what ideas employees are harboring? Businesses have this amazing opportunity to encourage their employees to think beyond the reasonable and be as bold and aspirational as they can be. While the world is becoming increasingly automated, we need to see the value in inspiring employees to think creatively.
Investing huge amounts of money and time in developing a new groundbreaking product/service naturally comes with a large amount of risk. Rather than going all-in, many multi-nationals are taking the ‘dream big – test small’ approach. By taking a new product/service idea, breaking it down and testing elements of that idea through research, businesses can attain priceless knowledge that drives improvements throughout the development process. This method limits the risk and results in a customer led, superior end product/service.
Creating a community empowering employees to speak their minds and think creatively has huge benefits to a business and its employees. From cultivating a feeling of shared ownership, improved staff retention, greater productivity, better customer service to an overall happier working environment. (We will happily talk you through more uses and benefits of an employee community specifically relating to your business.)
It’s impossible to future-proof any business but it is possible to be a pioneer rather than a follower. Using your resources wisely, encouraging creativity, building community and dreaming big can see your business grow exponentially in terms of employee satisfaction, productivity and innovation. The future is exciting… contact us to find out more!