11/20/2023 0 Comments Bank bustingIn this article the authors describe a variety of BEANs that the bank DBS, the Tata Group, and other companies have devised to unleash innovation. Nudges promote it through indirect suggestion and reinforcement. Artifacts, which you can see or touch, support the new behavior. Behavior enablers are tools or processes that make it easier for people to do something differently. These include such things as poorly run meetings, no slack capacity, few opportunities to speak up, and the notion that doing things differently is inefficient and costly.įortunately, it’s possible to hack this problem, using interventions called BEANs, combinations of behavioral enablers, artifacts, and nudges that break down the innovation blockers. Why? Because firms fail to address one major obstacle: the day-to-day habits and routines that regularly stifle innovation. Yet survey after survey indicates these efforts aren’t producing results. To spur innovation, businesses have spent billions on internal venture capital, incubators, and accelerators.
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