The Harvard Business Review analyzed Fortune’s fastest-growing companies and found that innovation was by far their biggest value driver, with the creation of new categories generating a 560% market capitalization increase for each dollar of revenue growth shown.
This perfect storm of high development cost and lower likelihood of generating a return means that very few companies pursue an innovative growth strategy, even when data indicates that they should.
With such strong potential, you’d expect every company to invest in innovation, yet doing so carries significant risks:
Innovation is incredibly difficult to systematize
Innovation generally requires higher costs
Innovation carries higher failure rates
What if a more certain path to successful innovation existed?
Young Marketing Consulting’s latest white paper, Conquering the Fear of Innovation, details how marketing strategists can leverage the global shift toward sustainable brands to supercharge growth. To learn more, download our innovation marketing strategy guide today.