Understand how to deal with failures in innovation processes and how to extract lessons learned to build new challenges
In today’s text, Alejandra Flechas, a researcher at FEA/USP, points out the internal impacts generated from the closure of innovation projects . According to the author, when projects are closed, some elements, such as the degree of involvement and commitment of people, the governance mechanisms of failure in innovation projects, the biases and the mental structure of individuals, can trigger emotions and reactions that can hinder or encourage the willingness to participate in subsequent projects.
The progressive quest of corporations to develop innovations makes this topic important to preserve the innovative health of organizations. In this text, some central aspects related to the impacts of the closure of innovation projects on team members will be discussed.
1. Closing of innovation projects
The first point is to understand what it means, why and when innovation projects are closed. Closing a project means deciding to stop the project before it is completed. Organizations believe that a given innovation project should be terminated mainly because such a project failed to reach a previously agreed minimum performance threshold. When terminating innovation projects, organizations divest resources from that project and reassign other roles to team members. Projects are closed to avoid unnecessary losses, to reallocate resources to other projects deemed more important or more aligned with the organizational strategy.
Want to know the other points to minimize impacts within your corporation? Then check out the full article here.
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