Council Post: Why Decentralized Innovation Is Critical

Greg Griffiths is the chairman, CEO and founder of UCROWDME.

As an entrepreneur and thought leader who is passionate about disruption, innovation and technology solutions, it still amazes me how many new products continue to fail every year. I believe there is a better way to address this failure using a decentralized approach.

What Is Decentralization?

About 95% of new products fail due to ineffective product segmentation, according to Clayton Christensen, the late Harvard Business School professor. Companies should approach products the way consumers do: as a means to achieve success.

Why Is Decentralization Critical To Innovation?

Decentralization refers to the transfer of planning and decision-making functions of an organization away from a central, authoritative location. When applying this idea to innovation, you open up the process to all possible parties and involve them in every step of your strategy. This includes employees of various levels, stakeholders and customers — and any other party that interacts with your business.

Why Can’t Traditional Innovation Models Help Me?

Innovation spurs motivation, participation, independence, status, cohesiveness and spirit. This, in turn, enables any…