The failure of innovative technology or ideas can depend on a variety of factors. When proposing something new, there is always a certain amount of risk involved, combined with the impossibility of predicting exactly how the market will react.
According to a recent survey, interviewing 304 senior decision makers from around the world whose work involves innovation, the collapse of a particular project can be linked to certain recurring factors, which we will discuss below.
The failure of a new technology begins during the developmental phase
According to 36% of global interviewees (26% of Europeans), the failure of a technology becomes apparent during the developmental phase. That is the most delicate stage in the lifecycle of any new project.
Very often, a disastrous market launch can exacerbate a problem which emerged during the developmental phase even though the project was based on seemingly strong, innovative ideas.
Excellent intuition is not sufficient to guarantee that a proposed product or service will be met with enthusiasm; a well-planned and dynamic development strategy is also required. If the entrepreneur or firm lacks the necessary skills to make this happen, they are unlikely to achieve the success they had hoped for.
Ideally, they should draw up a strategic plan of action designed to take into consideration all the above-mentioned factors and create a well-defined roadmap. This allows them to identify the targets that need to be reached during the various developmental phases required to make their idea a reality.
In order for everything to go to plan, this strategy must be regularly reviewed and adapted according to new products launched by competitors, changes in market trends or fluctuations in the sector.
Can IT security contribute to the failure of a technology?
Among the many questions the interviewees were asked was one about the potential link between the failure of a project and company IT security: although 74% of participants (86% of Europeans) expressed a view that IT security is not a determining factor when it comes to the failure of innovative ideas, the evidence would seem to contradict them.
It has been observed that if the CISO (Chief Information Security Officer) is not involved in the early developmental phases, the technology the company is working on will have a much higher chance of failure.
The reason for this is that if an IT security expert is not included in the creative process from the start, it becomes more difficult to ensure the product is equipped with the features required to reduce its vulnerability to attack.
It is also worrying that over half of those interviewed in the survey (57% of global respondents, 54% of Europeans) see their company’s IT policy as an obstacle to the development of new goods and services.
When proposing something new, it is right to take some risks, providing however that IT security is taken into account. Although not all projects are destined for success, with the right precautions, it is at least possible to guarantee that they will reach the market.
In order to achieve something more, as well as involving the CISO, it is essential to devise a well-structured procedure based on the skills and capabilities possessed. These are the various factors which enable the failure of technologies or innovative ideas to be avoided.
Translated by Joanne Beckwith