Fire your head of corporate innovation if you hear them say “99% of ventures fail”!
It should be “100% of ventures teach you something new“, new being the operative word.
The very reason for setting up separate innovation teams is to freely make mistakes (preferably only once), away from the win/lose hum-drum of daily corporate life. The success of innovation teams should be measured in learnings, not in home runs.
If a head of innovation is talking about picking winners then they are nothing more then a procurement team with a business-casual dress code and an expense account.
Next time you see a head of corporate innovation team at a conference delivering a keynote or part of a panel ask them this:
“Could you please share a recent mistake you made and what you learned from it?”
If they are not making mistakes, they are not doing their jobs right.
There is no out-of-the-box thinking from inside box. You have to get out of your comfort zone and learn by making mistakes. If Innovation heads are too scared to make mistakes then they are just another sheep in wolf’s clothing.