Risk Management in Radical Innovation

Risk management in radical innovation involves identifying, assessing, and mitigating potential challenges and uncertainties when developing groundbreaking ideas or technologies. Since these innovations often push boundaries and involve unknowns, organizations must balance creativity with caution. This means analyzing factors like market demand, technical feasibility, and potential competition while preparing for setbacks. By strategically managing risks, companies can enhance their chances of successfully launching transformative products or services while minimizing losses and ensuring sustainable growth. Ultimately, it's about navigating the unknown to unlock new opportunities while protecting the business.