There is a common misconception that innovation and marketing are two separate concepts when it comes to business. However, if you analyze it, you will see how successful game-changing technologies have used marketing to promote their product and create customer trust. Innovation is the initial idea—it’s the backbone of your entire business culture. Marketing, on the other hand, helps your business take off. Great examples include Google’s AdSense and Nike’s Nike+. Both pushed the boundaries of their industry and both were able to sell to a wide consumer base.
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.
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.
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.
The lack of understanding that the most crucial factor that defines the ultimate success or failure of any crowdsourcing campaign is the ability to properly identify, define and articulate the problem that the crowd will be asked to solve. I call it the “80:20 rule”: 80% of unsuccessful crowdsourcing campaigns I’m aware of failed because of the inability to properly formulate the question to be presented to the crowd; only 20% did so because of a poor match between the question and the crowd.
Even in our money-driven society, the power of money has limits: there are certain things money can’t buy. Love and happiness come to mind first, but a popular list of things that can’t be supposedly bought with money is much longer and includes such items as “25-hour day,” “clear conscience” and (my favorite) “an honest politician.”