At the center of every significant innovation is always an idea. Clarence Birdseye’s idea about freezing fish revolutionized the food industry and American diets. Charles Schwab’s idea about flat commissions changed investing forever. Steve Jobs idea about creating a device that could hold 1000 songs in your pocket turned around Apple’s fortunes. Yet we shouldn’t ...
Of course, running a business is no easy task. By identifying the main reasons for which most businesses fail, it would be easier to avoid them proactively. This infographic today looks at reasons for business failure and some effective solutions to avoid get into dire straits before it's too late.
In the late 1960’s, Gary Starkweather had a serious spat with his boss. As an engineer in Xerox’s long-range xerography unit, he saw that laser printing could be a huge business opportunity. His manager, however, was focused on improving the efficiency of the current product line, not looking to start another one. The argument got ...
It takes two factors to make innovation real at an organization: concepts and culture. Work on both at the same time and the rest will emerge as a by-product of the process. If you outsource your innovation efforts, you will end up with concepts that will not be accepted by your existing culture. Some concepts ...
Two groups of engineering students were given a similar task – to design a bicycle rack for a car. The first group focused on the problems with the existing design and that constrained their thinking. The second group came up with much more elegant and effective designs.
There are so many clichés around innovation but the one that causes me the most grief is this idea of “thinking outside the box”. ‘Ever asked someone to show you how you actually go about thinking outside the box? I have...More times than not, they’re not really sure what to do with it.
Scott Bowden spends a great deal of time thinking about what he terms as “historical innovation,” which is the concept that one can improve the efficacy of modern innovation programs by studying examples of how people solved problems in the past , and applying those techniques to the challenges faced by current students of innovation.
Most companies try to avoid problems. Experian actually goes looking for them. In fact, it has set up a specific unit – Experian DataLabs — to actively seek out unresolved problems its customers are having and use them as a launchpad to pursue new opportunities and create new products.
Artificial intelligence (AI) is everywhere, promising self-driving cars, medical breakthroughs, and new ways of working. But how do you separate hype from reality? How can your company apply AI to solve real business problems? Here’s what AI learnings your business should keep in mind for 2017.
When it’s time to innovate, the first task is usually to define the Idealized Future State (IFS). The IFS is a word picture that captures what it looks like when the innovation work has succeeded beyond our wildest dreams.