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Advanced artificial intelligence algorithms have the ability to take over tasks traditionally reserved for skilled human operators, such as driving a truck or performing a medical diagnosis. What once was the stuff of science fiction is now reality. This technology has made tremendous leaps in the last decade, yet it remains nowhere near its full potential.
Innovation must become your business routine and corporate culture to renew creative energy. Digital innovation has a broader spectrum and the hybrid nature. It comes in the variety of flavors and there are many opportunities in an enterprise to taste it. The companies who get the most from innovation effort have the right ambition, open leadership, and culture quintessential.
How can companies generate more business impact from non-incremental innovation? Typically, companies have little problems in generating ideas for adjacent, radical or even disruptive innovation and in validating the most promising ideas. On the other end of the process, companies have systems to grow material businesses and incrementally improve their performance over time. But for many companies, the transitional Scaling-Up phase in-between is a ‘Valley-Of-Death‘, in which many promising concepts die on their journey from idea to business impact.
The challenges we face today will be fundamentally different because they won’t be solved by humans alone, but through complex human-machine interactions. That will require a new division of labor in which the highest level skills won’t be things like the ability to retain information or manipulate numbers, but to connect and collaborate with other humans.
The future belongs to those who learn more skills and combine them in creative ways. The main challenge is you’ve been trained and are experienced in something that is no longer valuable. Which means you have to develop new skills. The other is most people use technology in their day-to-day lives, but are not trained in using it to create better outcomes for others; they’re consumers not creators. This circumstance is the result of both the education system and yourself.
Contrary to the plot of so many sci-fi blockbusters, a self-aware, evil A.I. purposely aiming at pedestrians is just as unlikely as one launching nuclear missiles. Far more mundane errors are likely to trouble advanced A.I. programs, because no matter how perfect and benign the underlying algorithms, and how flawless the computing hardware might be, things can still go very wrong.
Like any tool, AI can be dangerous when misused. It’s the unknown that’s scariest of all, and fear is the biggest threat to technological advances. Expanding knowledge – eliminating the unknown – is the best way to alleviate anxiety and reduce the natural impulse of politicians to ban what they don’t understand. If we wait until the point where we need to plead the case for AI and O.R. to lawmakers, the battle will already have been lost.
The real innovation challenge lies beyond the idea. It lies in a long, hard journey – from imagination to impact. Even the best-managed corporations in the world struggle to execute innovation initiatives. This challenge, which we call the other side of innovation, is widely misunderstood. Some companies conflate this side and the other side, believing it is all the same. Others imagine that executing an innovation initiative can’t be much different than executing day-to-day operations. Both views are wrong. Innovation execution is neither innovation nor execution. It is its own unique beast.
Yes, you read it right. The title of this piece is ‘Great to Good’. I’m going to talk about how, in the 21st Century, we need ‘Goodness’ more than ‘Greatness’ when it comes to innovation. 20th Century was about a few people finding GREAT discoveries. 21st Century is about all of us, using the breakneck speed connectivity that technology provides, to do GOOD things together for a better future. That is my meaning of Great to Good.
The work of innovation – whether you’re doing R&D, creating a breakthrough, pursuing a disruptive strategy or sustaining your core – is not business as usual. It doesn’t work in a straight line, and the more radical the project the more uncertainty there is. This is more evident in domains where lives are at stake; such as medicine.
Our businesses are designed to reject new ideas for all of the right reasons—often it makes no sense to throw sand in the gears of the well-oiled machines we call companies. Yet to remain competitive, to grow revenue in a substantial way, we MUST do better. That starts with recognizing that our best path to organic growth is the creative ideas that are trapped within our companies with little hope of escape.
Everyone is mesmerized by the mystery and magic of innovation and new technologies through AI, Blockchain, IoT, AR/VR, Digital Ecosystems and more. Conversations center around the latest products and services as well as the future impact of a digital life. Yet there is one question that is surprisingly overlooked in many circles - how will leaders and teams innovate and collaborate in a changing business world?
What makes great innovators different is that they succeed where most others fail. They not only come up with new ideas, they find ways to make them work and create value for the rest of us. Even more importantly, they are able to do it consistently, year after year, decade after decade.
Why do established businesses fail? Because they miss the future. And what contributes to them missing the future? Many things, among them is a focus on maintaining the status-quo while avoiding uncertainty.
In a recent seven-year study in which I looked in depth at 50 projects from a range of sectors, including business, health care, and social services, I have seen that another social technology, design thinking, has the potential to do for innovation exactly what TQM did for manufacturing: unleash people’s full creative energies, win their commitment, and radically improve processes.
Groups whose members interacted only intermittently preserved the best of both worlds, rather than succumbing to the worst. These groups had an average quality of solution that was nearly identical to those groups that interacted constantly, yet they preserved enough variation to find some of the best solutions, too.
Usually, when a company finds that a competitor or Startup has found an innovative way of delighting their customers, their reaction is not to jump for joy about how they can also benefit from this new innovation. Their reaction is usually anger. Fear. And the desire to fight to defend what they have. This is a cognitive bias called Loss Aversion.
Business innovation benefits business owners and consumers alike. It helps grow competitive advantage in saturated markets and time and time again have proven to be financially lucrative and socially inspiring. It's crucial to any organization's long-term success and especially hard to scale and maintain.
Being different is not the same as being differentiated. One of my mantras in business and in life is, “Just because you can, doesn’t mean you should.” Just because they could create a unique experience at the Revel that bucked the design used by every other casino, didn’t mean they should.
You don’t innovate by adding more activities to what you already do. You innovate by eliminating those activities that impede it. Yes, organizations get in their own way just like people do. Innovation has many enemies that act as inhibitors to innovation; the biggest enemy being your existing culture. Simply pointing out these enemies isn’t enough, you have to create mechanisms to combat them. And most of the challenges are related to what management rewards and punishes, which drives people’s behavior.
To create a culture of innovation you have to think and act different. The organizations that fail at innovation focus on neither. Rather, they believe they act – through some version of an innovation program that includes training, workshops and tools – and revert to their old ways when that fails. If they internalize that culture comes first they’d accept that mistakes are an inevitable consequence of doing something new.
In most cases, to run a company, the management has reached a certain age and experience. Investors love a promising start-up, as long as they have an older advisory board. Here’s a perspective that the management team don’t want to hear: innovation happens when people, who can see something happening in the future with crystal clarity, persuade older people so they can believe it too.
Innovation is famously difficult — many projects end up losing money, frustrating employees, and going nowhere. And yet corporations and governments spend billions of dollars annually pursuing innovation. This huge spending would generate more value for businesses and societies if the innovation success rate were just a little higher. Is there a way to increase the success rate without spending more?
It turns out that the word “innovation” is not a Harry Potter-esque magical incantation that, once spoken, renders companies more inventive, creative, and entrepreneurial. The word can be uttered by a CEO speaking to employees or Wall Street analysts. It can be emblazoned on the door to a new innovation center in Silicon Valley. But there are thorny cultural, strategic, political, and budget issues that must be confronted by CEOs and other leaders if they want to ensure that their organizations can be hospitable to — rather than hostile to — new ideas.
Have you ever wondered what it takes to keep teams coming up with breakthrough creative ideas, year after year? One of the secrets is in how often there is an influx of new talent into the team. While it’s tempting to keep successful teams working together on project after project, after a while these teams begin to lose their edge. So if you want to keep your innovation projects successful, it is important that you put in place a system whereby people are moved between projects.
Success does not, in fact, always breed more success, sometimes it breeds failure. That’s why every business needs to innovate. Yet innovation is not, as some would have us believe, just about moving fast and breaking things. It’s about solving the problems you need to create a better future. What most fail to grasp is that a key factor of success is how you source problems, build a pipeline and, ultimately, choose which ones you will work on.
Innovation has many enemies, expertise is one of them. Experts only know the way that got them there. They want to give answers, but innovation requires new questions. These new questions can only be asked by shifting ones perspective, a job outsiders are perfectly positioned for. Outsiders are the ones who change the game because they’re not blinded by expertise; they approach the situation from a new perspective.
Do liberalization policies increase the rate of the innovation output through promoting more openness to diversity of input and opinions? The two arguably most innovative U.S. states, California and Massachusetts, have traditionally been the leaders of social liberalization.
Without realizing it, even well-managed businesses versed in modern management practices can generate an environment that is hostile to innovation. For all of these reasons, large companies need to have a distinct Innovation Unit headed up by a senior executive who ideally reports to the CEO.
The technology world is changing at a very fast pace and new trends keep on emerging every day. The latest product that has received a warm reception and excited many business managers is Artificial Intelligence. Everybody is fascinating about AI because it promises to be an effective way of performing routine tasks and can be applied to the various sectors of the economy.
One of the most contentious aspects of AI is the meaning of 'intelligence.' Forget your preconceived notions of intelligence and your fragile egos, Turing said. If in a set of narrow tasks, a computer can fool you into thinking that it is a human, then it is said to behave intelligently (whether it actually is or not). If it acts, walks, and quacks like a duck, it is safe to consider it a duck—only in the context of those behaviors, of course, and not for eating!
Today digital technology is all the rage because after decades of development it has become incredibly useful. Still, if you look closely, you can already see the contours of its inevitable descent into the mundane. We need to start preparing for a new era of innovation in which different technologies, such as genomics, materials science, and robotics, rise to the fore.
According to a recent study by the Unilever Foundation, there is a strong desire for corporations to improve their innovation capability by working more closely with startups. The report estimates that corporates and startups will form the ultimate partnership, working side by side in the same physical space by 2025, seeking greater proximity for innovation as they evolve to meet changing consumer needs.
According to the World Economic Forum’s “Future of Jobs Report”, creativity and problem solving are listed in the top three skills that employees will need by 2020. Critical problem solving is one of the most important attributes that employers look for in a new hire because no organization is without problems, and every industry will eventually be disrupted.
Innovation is a code word for leadership. Yet innovation is not business as usual; it requires a different mindset: a growth mindset. You have to be comfortable with ambiguity, putting yourself and your organization un uncomfortable positions, having a point of view and pursuing it with conviction.
As I listened to dozens of cutting-edge speakers talk about how they’re doing innovation in most leading corporations today, I can’t help but think we’re still in the pre-Moneyball era. Sure, we’re trying to put structures around our innovation teams and get customer feedback at every step of the way, but at the end of the day this stuff is still largely based on our intuition. “We heard this from the customers, so this is our best guess at what satisfies their needs.” Sometimes we’re right. Usually we’re not.
In our research involving 1,500 companies, we found that firms achieve the most significant performance improvements when humans and machines work together. Through such collaborative intelligence, humans and AI actively enhance each other’s complementary strengths: the leadership, teamwork, creativity, and social skills of the former, and the speed, scalability, and quantitative capabilities of the latter.
As the importance of innovation is starting to become clear for corporate leaders, there are a few myths and bad practices that are also taking hold. For example, I have heard several innovation leaders talk about letting a thousand flowers bloom and espouse the notion that there is no such thing as a bad idea. In my experience, this premise is flawed and can lead to innovation having less impact within our companies. Not all ideas are created equal.
It won’t be the case of robots using operations research algorithms to call all the shots, rendering humans superfluous. Rather, the intelligent enterprise of the future will rely on intelligent augmentation to manage the complexity of the business environment in all aspects of the business. Instead of merely assisting an individual or a small group of individuals in their decision-making ability, the intelligent enterprise uses data analytics to ensure every decision at every level of the organization is guided by science and not intuition. The difference in scale is important.
William Wrigley Jr., the American chewing gum tycoon, once noted that business is built by men who disagree, and that “When two men always agree, one of them is unnecessary.” Indeed, not just in business but also in politics, sports, and the arts, there is no shortage of real-world examples of successful partnerships that were fueled as much by the alignment of ideas as by creative tension or discord.
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Today, as Moore’s Law is slowly petering to an end, we’re on the brink of a new era and, in time, marketing will be transformed once again in ways that are hard to see right now. Over the next decade marketers will need to begin to shift to the post-digital world of computing. This next transformation promises to be at least as revolutionary as the last one.
Evolving technologies have always had a great impact on businesses because of how they can improve the existing process. Certain technologies offer great scope to take your business to the next level because they have the capacity to change the way you do your business.
It hurts to fail. The feeling of defeat can make even the hardest of workers feel worthless. It’s hard to face the reality that your work or dreams won’t live up to your expectations, and giving up might seem like the next step. However, failure teaches important lessons, and though it seems contradictory, it can often lead to success. Failure gives you the necessary experience you need to improve, but more importantly, it teaches you to get back up.
Open innovation is currently at the forefront of strategy within the business world. The act of disseminating innovation practices throughout a company and opening it up to other organizations has been hailed as a breakout method, a marked move away from the traditional "innovation team" focus, where, in theory, creative, innovative thought tumbles from one specific department to others. So, why is open innovation being hailed as the holy grail for business?
What can we do to invigorate the innovation system and ensure the best chance to catalyze the search for and commercialization of disruptive sustainable technologies? We need the concerted effort of numerous stakeholders: innovators, managers, investors, consumers, federal policymakers, state and local officials, activists, the media, foundations, NGOs, universities, and everyday citizens. We will need to harness the power of each of these players to have the best chance to save the Earth. Here are some thoughts on what each can do:
Using AI in a mission-driven context could supercharge the capacities of the social change sector. Specifically, it has the potential to lower costs, improve quality, and broaden the impact of social change organizations. Think of it as transforming these organizations from a VW Beetle into the USS Enterprise.
They begin as benign blips on your radar. Innocent. Unimportant. Until the day you realize they’re closing in on your turf. Sooner or later, the disruptive entities that hang around will become more than mere irritants — they'll become major competitors. You'll have to figure out when to either prepare for a fight or bring these competitors over to your side.
Encouraging creativity can backfire if employees lack the resources, support, or mechanisms to develop and implement their ideas. Indeed, when managers urge employees to invest extra effort in creativity, but then reject their ideas (often because they are single-mindedly focused on productivity and efficiency), employees become frustrated and their creativity wanes over time. As a result, innovation can stall.
The most resistant scientists and engineers saw open source methods as a fundamental challenge to their professional identities. They defined themselves as “problem solvers,” but open innovation crowdsourcing platforms didn’t let them play that role; instead, they had to frame problems for someone else to solve.
AI will liberate marketers to focus on more strategic and creative activities like campaign planning. Without AI, it will be too difficult for a marketer to compile and process the huge amounts of data coming from multiple sources like website visits, mobile app interactions, purchase transactions, and product reviews. Those who are slow to adopt AI will find themselves at a competitive disadvantage because they won’t be able to make timely, accurate, and profitable predictions about their customers.
Innovation is often just seen as the job of those in technology, new product development or marketing. For everyone else, the message is, just focus on your day job. But, by not seeing innovation as part of your role, you are missing out on some big opportunities. Here are four questions to ask yourself that will shed light on whether innovation needs to be part of your day job.
While traditional market research has its place in the modern world, and while innovative tools have made probing deeper into the habits of your target demographic infinitely easier, there is simply nothing more valuable than hearing an honest opinion from a customer. Simply put, if you want to drive innovation, you need to talk to your customers. Here’s how to do it.
I propose a framework based on my two decades of experience participating with teams that have done things successfully and via learnings from my own stumbles. I suggest companies take not just one but three paths to innovation: the moonshot, the pivot, the incremental.
When we bought a new mattress for our son we asked the company that delivered the new one what would happen to the old mattress. Goes into the landfill, they said. And I thought, what a terrible outcome. So much of the mattress could be reused - the cotton batting, the inner springs, some of the foam siding. But the cost of deconstructing a mattress, which wasn't designed to be easily taken apart, makes it difficult to get a lot of reuse from the components.
I was exposed to building things with ones hands from a very young age. I got to see and experience the innovation process up close and personal: spotting opportunities, defining the problem, brainstorming, prototyping and testing.
Take, for instance, an AI system designed to defend against human or AI hackers. To prevent the system from doing anything harmful or unethical, it may be necessary to challenge it to explain the logic for a particular action. That logic might be too complex for a person to comprehend, so the researchers suggest having another AI debate the wisdom of the action with the first system, using natural language, while the person observes.
What happens when an organization is experiencing a time of crisis? What role do innovation leaders play and how can their programs drive value in a period where an organization is in distress? A time of crisis can be an existential threat to your efforts, or a real opportunity to create value and define solutions to help the organization effectively navigate the rough terrain. Here are some actions that innovation leaders can take to drive value.
Professor Andrew Jarosz served vodka-cranberry cocktails to 20 male subjects until their blood alcohol levels neared legal intoxication and then gave each a series of word association problems to solve. Not only did those who imbibed give more correct answers than a sober control group performing the same task, but they also arrived at solutions more quickly. The conclusion: drunk people are better at creative problem solving.
Endless talks about establishing a “culture of innovation” is a distraction, rather than an enabler, in fostering corporate innovation. Instead of chasing chimeras, organizations should start implementing concrete corporate policies helping innovation take root.
Unlike managers, creative people do not think in a systematic way. They favor a chaotic approach - so there's always going to be an element of chaos when working in a creative team. A creative idea is not the endpoint of an ordered process and it will not necessarily be thought through to the bitter end. There's actually something really beautiful about this and it needs to be nurtured, because it's absolutely critical for innovation to succeed.
If you’re not looking for the best, you’re looking for good enough; you’re playing not to lose. This is a recipe for disaster. Remember: The people on your team reflect the future of your organization. So if the people on your team don’t have a growth mindset; neither will your organization.
Companies don’t get credit for long-term investments in R&D. This is both because the resulting knowledge might walk out the door, as employees join other firms or start their own, and because you can acquire firms who have the needed technology. If everyone followed that logic, however, there’d be little innovation to walk out the door or to acquire! Fortunately, neither of these concerns is warranted, and my research shows why companies, investors, and the nation will be better off if companies make long-term investments in R&D.
Innovation is about embracing the risk of failure and setting yourself up to iterate, test, validate and execute quickly. Disrupting an industry requires learning, acknowledging and respecting the things that led the industry to where it is today. Only once you understand the inefficiencies in an industry can you know where and how to innovate.
The people we saw driving impactful, world-changing initiatives just didn’t look like old-school leadership material — and didn’t seem to want to. Cautiously, we called it problem-led leadership, and launched into all the interviewing, case studying, and literature review that goes into a leadership research project.
In so many ways it often feels like innovation is both wholly new, and ancient at the same time. Tools that we use to innovate aren't new, in fact many are very old, but put to appropriate use they help us create miraculous new things. Too often we distrust old tools or methods, thinking that newer tools or methods are more current, more viable, but fail to realize that some things are simply grounded in truth, no matter hold old they are.
Innovation isn’t a one-time project. It’s a continuous activity. Which is why we are seeing numerous organizations adding an innovation department to their company infrastructure. In fact, in a recent survey of our client base, we were surprised to learn that almost 40% of our customers operate out of a dedicated innovation group.
Diversity enables problem-solving because people bring different heuristics, or simple rules, and perspectives shaped by their unique life experiences. When two engineers from two different environments team up to solve a problem about how to design space meals optimal for weight and reuse, the resulting output will be much richer than if the two engineers had both grown up in Titusville, Florida.
The truth is that the next big thing always starts out looking like nothing at all. Things that truly change the world always arrive out of context for the simple reason that the world hasn’t changed yet. They need to build up ecosystems around them and identify meaningful problems to solve. That takes time.
Managing innovation is a big role that puts a lot of weight on the shoulders of management teams. Depending on how much a company cultivates an innovative culture and environment, innovative ideas either go through chains of command, or are workshopped in specific departments.
By aggregating and analyzing massive amounts of known data, we can drastically narrow down possibilities and save enormous amounts of time and money — possibly a 10x improvement or better. That opens up massive opportunities to do research that would otherwise be cost prohibitive.
To ask a good question requires two things: an insight and gumption. The root of all worthy questions is a desire to fill in a gap in your understanding of something. The insight in good questions comes from seeing that gap, exploring its edges and forming a question from them that can serve as an invitation to others to fill it.
Innovation is not a buzzword -- it is an essential ingredient in an organization’s ability to compete in today’s digital age. By being open to ideas from anyone, anywhere inside or outside your company, you can disrupt markets, create new business opportunities and solve customers’ most pressing challenges.
Creativity and societal problems have not always been closely associated. In the national dialogue, fixing these problems involves a series of concrete steps—steps designed to create concrete processes and repeatable outcomes. As we learn more about why these problems occur, however, we’re also learning more about how to treat them, which can involve a healthy dose of creativity and innovation.
Having the right people on your start-up’s team – especially in its early days – can mean the difference between unparalleled success and embarrassing failure. The best founders and leaders know that success does not come from one person acting alone, but a team of professionals and industry experts who work together to create something truly amazing.
Is there a manageable, predictable process for product innovation? Many people would say no, but Josh Valman contends that there is. And he has credentials in that area as CEO of RPD International, who work on product innovation with the likes of Unilever, Bosch and GSK.
In the past 12 months, there has been a concerted push to foster a more experimental and autonomous workforce within mature, corporate organizations. This is impacting how innovation professionals operate, drive value, and ultimately succeed in their own careers.
In this article, you are going to learn exactly what Loss Aversion is, why is creates crippling fear in middle managers and decision-makers, and a simple model for how you can reframe your company’s thinking which encourages more innovation projects to thrive.
The key to solving fundamental challenges is to go both wider and deeper. We need to understand problems on a fundamental level and then in search of new perspectives, both from experts in other fields and seeking out new experiences ourselves. Innovation is never about individual nodes. It’s always about networks.
For most of history people did not use the word creativity very much. They just invented and discovered things in the course of their lives without applying special labels to them. But something strange happened to in modern times. We developed a romance around the notion of creativity. Most people today think of it as an extra layer of cognitive powers, that only special people have. This is untrue and there’s an easy way to prove it.
Brainstorming for questions, not answers, wasn’t something I’d tried before. It just occurred to me in that moment, probably because I had recently been reading sociologist Parker Palmer’s early work about creative discovery through open, honest inquiry. But this technique worked so well with the students that I began experimenting with it in consulting engagements, and eventually it evolved into a methodology that I continue to refine.
Today, the pace of change is accelerating and it is faster than ever. Perhaps not in how we humans evolve - but definitely in terms of how businesses and technologies evolve. In the not so distant past, businesses prided themselves and their products on being "build to last". Today, we need to think more about "built to change", more agile, more nimble and more creative than in the past.
Getting our teams to generate a lot of great ideas is just the beginning. Successful innovation is the combination of great ideas with sustainably profitable business models. In my experience corporations have a much bigger problem - what to do with good ideas once we have them.
In most organizations, there is an omnipresent quest for more. With crowdsourcing innovation programs, the first impulse is to seek more ideas. Is more really better? What about idea quality? Does 'more ideas' work against idea quality? The goal needs to be quality.
So how can companies maintain their existence in this perpetual state of 'day 1-ness'? We spoke to four of our speakers, past and present, about how they keep up a startup atmosphere that's ripe for innovation.
The issue many companies face today with innovation is their tendency to overcommit to a single quadrant by either being too optimistic and wanting all innovation to be revolutionary or being too cautious and staying in their comfort zones. Both typically lead to failure and a perception that the company must get back to the core business and shed its innovation efforts. The key to a successful innovation strategy is to diversify investments across all four quadrants of the innovation matrix.
It seems like everybody these days is looking for an early version of Steve Jobs. Yet I found that most great innovators were nothing like the mercurial stereotype. In fact, almost all of them were kind, generous, and interested in what I was doing. Many were soft-spoken and modest. You would notice very few of them in a crowded room.
Artificial intelligence systems that can sense, think, learn, and act on their own could allow a major upgrade in conservation efforts, in dealing with climate change, and living in a more energy-efficient manner. A report released during the recent Davos World Economic Forum meeting laid more than 80 potential environmental applications for AI, ranging from the mundane to the futuristic.
Innovation is the combination of creative new ideas with sustainably profitable business model. Regardless of the idea you are working on or how cool and amazing it is, eventually you have to solve for this equation; are you able to deliver value to customers in a way that is sustainably profitable?
If a truly valued innovator is preparing to pack their bags, you could take a cue from the Adobe Systems Kick-box. Give the employees you believe in the kick-box of all kick-boxes: let them have free reign on a $100,000 budget and the expertise of leaders in the company. Tell them to come back in 6 months’ time with the solution they’re dying to pursue. You might be pleasantly surprised.
The trouble is that the source of innovation is shifting – from human ingenuity to data-driven machine-learning. Of course, it takes plenty of talented, creative people to build these products. But their improvement is driven less by a human “aha-moment” than by data and improvements in how machines learn from it.
In the context of business management and economics, innovation has mainly been considered as a source of profit and growth. But innovation can also have a transformative role and recently more and more innovators and entrepreneurs are not only considering the financial returns of their projects, but also the societal impacts that they might bring with them.
If you are willing to consider that some people are more innovative than others, and that innovation talent can now be measured, you can make massive advances in your innovation program. We invite you to discover three levers to increasing your innovation success, talent selection, talent organization and talent development. For perspective on this problem, we asked Steve Haraguchi, who has directed innovation programs at both Stanford and MIT.
Nothing new. Your company has few if any new products. Yet competition is on a creative binge. This is the path to terminal stagnation. You can wait until someone in the organization comes up with the next winning idea. Dangerous. Or, you can build an intensely innovative culture. In other words, innovate innovation. How?
A small group of fewer than 30 universities are having a bigger impact on the inventions driving global economic growth than the world’s major industrialised nations, a data analysis by Times Higher Education suggests.
In the last decade, there has been an explosion in the number of research deals between companies and universities. Companies, which have been reducing their spending on early-stage research (basic and applied or translational) for three decades, have been increasingly turning to universities to perform that role, seeking access to the best scientific and engineering minds in specific domains.
Everyone seems to agree that innovation is a risky business: it involves a lot of experimentation, which often ends up in failure. High tolerance for failure therefore can be considered as a major prerequisite for any successful innovation program.
These days, it’s not easy to get a job without a college degree—unless, of course, you create one for yourself, something entrepreneurs have been doing throughout human history. Starting your own business is the best way to prioritize your ideas and bring them to life.
Open innovation will play a key role in the developed economies over the next decade. There will be new technological trends that will fuel innovation, from blockchain to digitalization to genomic editing. Innovation itself will continue to evolve, and so policy must also be prepared to adjust.
In the coming years we are likely to see a new era of innovation that will look more like the 1950s and 1960s than it will the 1990s or 2000s. In the next few decades, I predict, much of innovation’s value will shift away from applications and back to fundamental problems. That will require greater focus on sustaining efforts to solve grand challenges.