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Innovation isn’t always a good thing.
I know this seems counterintuitive. After all, who wouldn’t want to come up with something new? Innovation can help you take market share, enhance profitability or even create completely new markets to own. In fact, 75% of companies say innovation is a top-three priority.
But more innovation doesn’t always help a business, and in some cases, it can actually hurt it. There’s a tipping point when innovation can get out of balance—when projects are improperly paced and executed poorly. Luckily, there are some warning signs that smart business leaders can look for. These situations are a good indicator that the pace of innovation might be out of balance.
Here are five such cases when innovation might do more harm than good.
Read the rest of this article by Kevin Namaky at Forbes where it first appeared.
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Kevin Namaky is CEO at the Gurulocity Brand Management Institute, a marketing education company that trains and consults for notable brand teams including Kimberly-Clark, Scotts Miracle-Gro, Bolthouse Farms and Gorilla Brands. Kevin is a featured instructor for the American Marketing Association, lectures at the IU Kelley School of business, and has been featured in Ad Age, Forbes, Fast Company and the CMO Council. Previously Kevin worked for 20 years in the corporate and agency world growing notable brands. Follow/connect with Kevin on LinkedIn, TikTok and Twitter.