Can Innovation projects fail?

Desperate times call for desperate measures. And while a recession may not be the right time to launch new projects, the need to incorporate innovation to build cheaper, faster and more efficient products and services is one of the major ways that experts agree how the recession is to be tackled.

A friend brought up this subject during a coffee break. Apparently a number of organizations have started off innovation projects in a number of areas, Product Development, Green Eco initiatives, Cost optimization etc.

The argument was that most organizations drive innovation projects like delivery projects. In the sense, that sooner or later they must give results. Now I agree with the fact that all undertakings must give results to be viable, but to assume that any innovation project should be successful is maybe being too optimistic.

So, the question is, is it ok for innovation projects to fail?? After all, it is in the realm of experimentation. Some ideas will succeed, a lot of them won’t. What is important is to recognize the futility of the project early on and kill it. Most projects either get treated as babies or as burdens, both to be let go of at the very end.

Forcing innovation this way will never bring about a Google, but it’ll always produce Bings!!!