When it comes to determining whether something is a successful innovation, there is one absolutely crucial test: Does it create value? That value may come in many forms. Usefulness for the customer, profits for a company, or social good for a nonprofit, but it must be there. Creating value isn’t always enough to produce [...]
If I asked a group of innovation practitioners, “What are some ways to make the odds of achieving successful innovation more favorable?” I suspect I would get answers like: Look for some quick wins that are not too far from existing products, markets and capabilities. Be sure you’ve identified a legitimate unmet customer need. [...]
Innovation is an inherently emergent process. It’s not just about where we want to end up; it’s highly dependent on where we are. Where we begin has a profound impact on where we can go.
Innovators think differently. Corporate executives devote considerable time and resources to making future predictions, which they use to guide their decisions. Whereas entrepreneurs set out to create a future they believe is feasible given what they have to work with and the effects of the actions they take...
Just as we were all born explorers and experimenters, the same is true of new ventures. The challenge is less about introducing entirely new attitudes than about finding ways to restore those things that created success in the first place. It’s about getting out of our own way.