Name: Two reasons companies fail -- and how to avoid them
Uploaded: 2016-03-31T15:05:43Z
Duration: 10 min 28 s
Description: Is it possible to run a company and reinvent it at the same time? For business strategist Knut Haanaes, the ability to innovate after becoming successful is the mark of a great organization. He shares insights on how to strike a balance between perfecting what we already know and exploring totally new ideas -- and lays out how to avoid two major strategy traps.

Is it possible to run a company and reinvent it at the same time? For business strategist Knut Haanaes, the ability to innovate after becoming successful is the mark of a great organization. He shares insights on how to strike a balance between perfecting what we already know and exploring totally new ideas -- and lays out how to avoid two major strategy traps.

Knut Haanaes: Two reasons companies fail -- and how to avoid them

Two reasons companies fail -- and how to avoid them

Innovation's value escalates from 30% in the short term to 70% over a decade, urging firms to fund journeys and lead long-term.

Balancing innovation with perfected processes avoids the pitfalls leading to company failure, inspiring strategic longevity.

Nestlé's Nespresso & Toyota's hybrids exemplify massive rewards from blending novel ideas with proven methods—strategizing for the future.