Business leaders should beware of hidden "roadblocks to innovation", Professor David Gann has warned the World Economic Forum.

As Professor Gann, Imperial’s Vice President (Innovation), and colleagues head to the World Economic Forum in Tianjin, China, he has published an article arguing that “In an age of mergers and acquisitions, ruthless cost-cutting and the prioritisation of short-term shareholder value, corporate giants may be sleepwalking to failure.”

Professor Gann writes: “It is often from the margins and playful spaces that innovative ideas emerge, time and again finding unexpected applications. This happened with microwaves, post-it notes and even Viagra, originally developed to treat high blood pressure. But it is an organisation’s leadership that truly nurtures or stifles innovation – even when it brings new risks.  

“Organisations need the capacity to adapt, and leaders should be barbarians at their own gate.”

He cites the failure of Kodak and the recent success of Xiaomi as case studies for business leaders. 

Deep thinking 

In the article published by the World Economic Forum, Professor Gann explains how universities can help secure the kind of long-term innovative thinking that big organisations need to thrive. 

Kodak “blew its chance to lead the digital photography revolution”

“It is hard to renew and revive, especially when a big business appears to be winning. Enduring success requires a constant fight for innovative spaces.   

“Working with other research partners such as universities and through joint ventures can help secure these spaces for longer-term innovative thinking.  

“For example, Imperial Tech Foresight allows major corporates like BT, Shell and Syngenta to partner with some of the world’s top academics as they try to predict how technology will change their industries over the next two decades.  

“How often do business executives get to think deeply and seriously about how cognitive social marketing, nanorobots or the blockchain will impact on their businesses? Carving out that space, and finding the right partners to do so, is how major businesses can sustain their competitive edge.  

“Within universities we find that some of the most radical – and high impact – ideas are rooted in deep science. But academics alone cannot push them forward. We have the patience, but we often lack the early user engagement, the capital and market-dynamism of corporate partners.”