The Risk of Innovation
By Adriene Russell
Posted December 11, 2024
Manage risk - don't avoid it
Originally shared as a reflection on how to approach innovation with purpose and intention, this article outlines how risk can be thoughtfully managed—not avoided—when building something new.
It’s a perspective I bring to both training and strategy conversations, especially when teams feel stuck between playing it safe and trying something bold.
Innovation is worth the risk
Most companies are thirsty for innovation—and with good reason! Innovation can be the ticket to keep companies alive, vibrant, and relevant.
By its very nature, true innovation is accompanied by a certain measure of risk. The more outlandish the innovation, the greater the risk. But when has risk stopped us? It simply has to be understood and then mitigated or accepted.
Starting place
One key to innovation with limited risk is to find what is working well and maintain those principles. You don’t have to create something that no one ever considered before for it to count as innovative. You can simply modify an existing “almost right” approach.
For example, the engineers who designed the electric car didn’t start from scratch. They started with the design of a car.
That didn’t eliminate the risk, but it reduced it. Start by implementing a principle or approach that is known to work for a portion of the problem you are solving.
Downstream impacts
And finally, it’s important to consider downstream impacts of the innovation. Some innovations have greater impacts than others. Let’s keep with the electric car example. There are unique risks with electric cars: number and location of charging stations, large batteries, charging times that can vary based on temperature, etc.
Commit or reject
At this point, you determine if you will accept the risks or not.
• Some risks will not be worth taking.
• Some risk can be taken on a limited basis.
• Perhaps a small pilot to validate the benefits and work out the kinks.
• Others can be accepted with open arms and implemented immediately.
Whatever your decision, commit to it and move forward!
Time to innovate!
Do you have a problem or gap you are trying to solve?
If so, your first question might be, “Is there something that I know already works that I can tweak or modify to fill this gap?”
Don’t get stuck in what has always been or the pressures of creating something brand new. Simply look for the principles that work and build on them to solve the issue.
Happy innovating!
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