Despite its importance, innovation can be challenging due to several factors:
Resistance to Change: Employees and management may be resistant to new ideas and processes. Resource Constraints: Limited time, budget, or expertise can hinder innovation efforts. Risk Aversion: Fear of failure can stifle creative thinking and experimentation. Market Uncertainty: Rapid changes in market conditions can make it difficult to predict the success of innovation initiatives. Regulatory Hurdles: Compliance with regulations can pose challenges, especially in highly regulated industries.