Nine in ten people responsible for innovation in companies in the Middle East and Africa (MEA) admit that they often fail before the project begins. According to a new survey commissioned by Kaspersky, 92% say innovation has failed, but 37% say it’s not even past the development stage (37%). The most common reason: too many stakeholders involved in the project and under budget-and no cybersecurity decision makers involved.
Even new products developed by major tech companies often do not succeed. The Nintendo Virtual Boy Gaming Console and the Nike FuelBand Fitness Tracker, designed to incorporate VR, are both notable examples. Transformations of internal processes also do not always produce the desired results.
However, the failure of an already published project is just the tip of the iceberg. The development phase is the most difficult part of the entire innovation lifecycle, according to a Kaspersky survey of 304 senior decision makers around the world involved in innovation (53 in MEA, 23 in South Africa). Is believed to be. This is empirically confirmed by one-third (37%) of respondents.
For most companies in the MEA region, the main reasons for innovation failure are too many stakeholders involved in the project (19%) and lack of budget (15%). The ability to carry out is as important as coming up with great ideas to turn valuable insights into useful and plausible solutions. Once the roadmap is in place, it is also worth reviewing regularly to respond to competitors’ activities, market trends and industry fluctuations.
Cybersecurity was not listed as the main reason for the project to fail. Still, there is a common belief (55% agree) that companies are more likely to fail to innovate by not including a chief information security officer (CISO) early in the process. This could be due to the inability of the project to adapt to strict cybersecurity rules and more than half (60%) believing that their IT security policy hinders innovation.
In order for your business to innovate, you need to be ready to take risks and experience some failures in the process. This is inevitable when you are really thinking about something new. However, there are still some practical steps you can take to ensure that new technologies and products are launched. Cybersecurity doesn’t have to be a barrier to another company, but it does need to be an integral part of the project. Alexander Moiseev, Kaspersky’s Chief Information Security Officer, should keep CISOs in a loop early on when planning the next innovation.
The full report is available at the following link:
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