How CEOs F-Up Innovation #14: the Not Invented Here (NIH) Syndrome
The Not-Invented-Here (NIH) syndrome is a competitive disadvantage for companies, limiting their ability to leverage external expertise, collaborate effectively, and capitalize on innovative solutions developed outside their organization.
CEO’s can F-up innovation both by denying NIH is an issue in their company, and by failing to embrace outside innovations in the innovation portfolio.
NIH is a part of human nature and exists in one form or another in every organization. It stems from the instinctive desire to prioritize familiar ideas and solutions over external ones. There’s a component of personal pride and the belief that the creator of a ‘good’ idea will reap additional rewards, authority and recognition. Outside ideas are also often perceived as a threat to the internal innovation team who may fear diminished recognition or relevance.
CEOs who dismiss or neglect to address NIH inadvertently foster a culture of insularity and hinder collaboration both internally and externally. This denial can lead to missed chances to leverage external expertise and limit the organization’s ability to adapt to market changes. Ultimately it enables competitors to identify, capture and capitalize on opportunities their own company cannot.
CEOs who embrace open innovation as part of their overall innovation portfolio empower their innovation teams to seek out and engage with cutting-edge technologies. By leveraging pre-existing solutions and know-how from external resources, they help create a competitive advantage for the company.
The use of open innovation not only accelerates the development of new products and services but also strengthens the company’s position in the market by harnessing a far broader range of solutions and resources.
Connect on LinkedIn: linkedin.com/in/marc-drucker/
Schedule Time to Connect: https://bit.ly/MarcDrucker-Calendly
#innovation #productmanagement #innovationmanagement #fei #cpgindustry #innovationsystems #consumerinsights #consumerresearch #consumerproducts #timetomarket #learningstrategy #designthinking #productmanagement #Agile #Scrum #collaboration #COO #CEO #decisionmaking
