Insights into success factors of innovation projects

Abstract

Despite the huge amount of studies about innovation success factors we found various factors that have been neglected in previous research. In a joint project with three large-sized companies in Germany we collected data about 48 innovation projects using robust qualitative and quantitative methods for analysis. After a systematic literature review and development of a framework for categorising success factors in soft and hard factors, we matched the revealed factors with the ones identified in literature. We found three success factors that help these companies to turn new ideas into success: quick decision-making by superiors throughout the innovation process, the existence of a cross-project guiding idea, and the persuasion of colleagues during idea development. The findings show the importance of the coexistence of soft and hard factors and may help company leaders to properly boost innovation activities and manage the innovation process.