The MAIN reason why some Innovations fail (Neuroscience) and what this means for Companies.

The main reason why some innovations fail is that consumers irrationally overvalue the old while companies irrationally overvalue the new’.

John Courville, Harvard Business School.

Habits form when the brain takes a shortcut and stops deliberating what to do next. The brain quickly learns to codify behaviors that provide a solution to whatever situation it encounters. This code is hardwired via repetition over time and prevents the brain from evaluating other solutions without significant brain effort.

For companies that seek innovation this means:

-they should skip projects that yield incremental innovation and only seek breakthroughs.

– they should build their plans around making a habit out of their new products quickly as possible.