Sixty-four percent of nonexecutive directors on corporate boards claim to be increasing their risk appetite in pursuit of growth in 2023-2024, however, only 16% of innovation leaders say their organizations accept a high level of risk with innovation.
It is imperative for executive leaders to close this gap because there’s no growth without innovation and no innovation without risk. Successful high-risk innovators follow 5 counterintuitive practices to move the right projects from pilot to reality:
- Include nonfinancial business priorities.
- Measure success with outcomes, not financial metrics.
- Experiment and learn the right way.
- Know when to stop.
- Take ownership of proven ideas.