Thursday, 20 January 2011

Five innovation mistakes

Companies have been wrestling with getting the most out of their innovation spend for many years. Most have developed tactics and strategies for dealing with ideas generation, incubation, pipeline filling and project assessment and culling. But none of these answers the question: why are some companies, or individuals come to that, more successful than others?

Richard Watson, who blogs for the Fast Company, tries to answer this conundrum. He identifies five reasons why some ideas make it and some don't.  I think they are worth sharing here on the blog - what's your reaction?

He concludes that there are five ways to stop ideas going bad:

1. Be pragmatic: 90% right and in market is better than 100% and not.
2. Think like an upstart start-up. Apply half the time and half the money rule.
3. Walk in the shoes of the final customer. Do the shoes hurt?
4. Say to yourself, maybe the other person is right.
5. Seek out the opinions of disinterested outsiders. Is it still a good idea?

Richard is the publisher of What's Next, a website that documents global trends, and is co-founder of Strategy Insight, a specialist scenario planning consultancy.

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