We’ve heard it time and time again – 90% of startups fail in the first five years of operating. Bad financial decisions, a poorly designed business model, a wrong product for the market, financial mismanagement, and bad timing are just some of the most commonly cited reasons why some businesses never manage to pass the five-year threshold.
Last month, leaders in public sector innovation gathered to discuss ways of crowdsourcing new solutions to longstanding problems at IdeaScale’s Open Nation DC. Speakers from a range of agencies as diverse as the FDA and the US Coast Guard presented best practices on creating actionable change in government.
You have doubtless heard of the fuzzy front end of innovation. It is another name for idea generation. But Jeffrey Baumgartner believes that the back end of innovation, where implementation is supposed to take place, is just as fuzzy. Many companies lack clear, efficient processes for implementing the ideas they generate.