Idea in Brief
The Challenge
Companies’ investments in innovation are stymied by the day-to-day routines and habits that stifle original thinking.
The Solution
Leadership needs to identify these innovation blockers and neutralize them with interventions called “BEANs”—behavior enablers, artifacts, and nudges.
The Outcome
The bank DBS used this approach to unleash innovation at a tech-development center. Engagement scores rose 20%, and the center was named a great place to innovate.
To catalyze innovation, companies have invested billions in internal venture capital, incubators, accelerators, and field trips to Silicon Valley. Yet according to a McKinsey survey, 94% of executives are dissatisfied with their firms’ innovation performance. Across industries, one survey after another has found the same thing: Businesses just aren’t getting the impact they want, despite all their spending. Why? We believe that it’s because they’ve failed to address a huge underlying obstacle: the day-to-day routines and rituals that stifle innovation.