Year after year, our Global Innovation 1000 study has demonstrated that it is not how much companies spend on research and development that determines success—what really matters is how those R&D funds are invested in capabilities,...
One of life's little ironies is the fact that irony is everywhere and so often unidentified or unappreciated. In the innovation space we encounter irony, often unintentional irony, quite often. Before we go further though, let's make sure of our definitions.
Dealing with the move from the Industrial Era to the Digital Era was tough for many companies. And now we are in the middle of yet another transformation of comparable magnitude. Today’s customers, clients and consumers are instrumented, interconnected, intelligent, engaged, informed and empowered. They want companies they buy from to interact with them on their terms and personalize marketing offers and customer support. They even want personalized products and services. It’s called the Connected Customer Era.
Making a snowman seems simple enough. You roll the balls of snow around until they are the size you want, and you stack them. Once they’re stacked, decorate your new snowman as you see fit. However, one inventor has decided his frosty deserves to be patented.
Some recent findings on innovation by Dr Ralph Kerle raised a few questions about the state of innovation in business. Let’s take a look at what he found after running a workshop with world leading organisations His workshop was titled Understanding the Discipline of Innovation in Organizations.
Four interesting findings about innovation emerged from his workshop.
Ok, so the company is called Research in Motion—familiarly known as RIM. But most of us think of it as the company that makes Blackberries—the mobile phone that won the hearts and minds of busy people all over the world—people who are addicted to email. My husband is a great case in point. He owns a Blackberry, an Android, and an iPhone. All have all the same functionality. All can answer calls to any of his numbers.
I have a beautiful Martin guitar. It has a wonderful tone and it’s easy to play, it’s a love relationship. It’s a well engineered, and under some conditions, a quite delicate instrument. As the winter weather descends on the midwest I’m remembering I need to keep it moisturized.
And yes, your innovation environment needs moisturized in order to make beautiful music.
In the last five years, there has been a distinct globalization of entrepreneurship. There is a lot more romanticism about startups now, a lot more startup related events, organizations, incubators, so forth and so on.
For many years we've been incredibly critical of the famous Bayh-Dole Act, which was passed in 1980 with the idea that it would encourage greater innovation by pushing universities to patentthe research they were doing. The theory -- based on a rather ignorant view of innovation and research -- was that patents would create a market, which, in turn, would enable easier knowledge transfer from academia to industry, leading to a research boom. The actual results have been a near total disaster.
I've written here many times about the conflict that many innovators often face when called on to make definitive decisions about customer needs and the best ideas to pursue as new products and services. We've noted that innovation requires - no demands - people who are comfortable operating in an ambiguous stew of information, research, trends, insights and customer needs. Few of these data points are developed with any statistical rigor, yet together they must provide a direction for the team to follow.
What's your top recommendation for an entrepreneur pitching investors, based on you own success or failure? SHARE YOUR BIG VISION, NOT A PRODUCT TOUR "It's a rookie error for an entrepreneur to pitch an investor with the equivalent of a product tour.
Innovation is essential to making your company successful. Without innovation, starting a company is like reinventing the proverbial wheel – you will be doing the same things that made other companies successful, without actually bringing anything new to the table. If someone has already established that a concept is successful, what could possibly make anyone choose your company? Sure, the ideas behind it are proven successful, but they already have an established reputation and clientele.