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There's a general belief that failure is the friend of the innovator, but I've come to view it a different way.
Scott D. Anthony
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Scott D. Anthony
Age: 49
Born: 1975
Born: February 22
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Mucken Singh works VERY hard on his brawler's physique!
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If you are a large company and you want to do something unique, you almost by definition have to tap onto the core business in some way. Otherwise you are going into a naked fight against startups, and that's just a tough place to be.
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I have a fear right now that what I call the advertising-narcissism complex is sucking up way too much top talent.
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Make sure that you take the time to think about how other companies might respond to your idea, both those companies already in the market you plan to target as well as others that might imagine targeting that market.
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I've come to the conclusion that the core characteristic that separates companies that get innovation from those that don't is a simple word: curiosity.
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Three of our core corporate values are inclusiveness, collaboration, and humility.
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Everyone knows innovation involves developing unique understanding of a market, thinking expansively to develop a solution, and then finding a way to test rigorously and adapt quickly.
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Think about how much it costs to learn more. Sometimes you want to build confidence by knocking off the easy things.
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The most important thing here is to largely ignore what customers say, and instead watch what they do or track where they spend money.
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I think it is only in hindsight that you can determine whether something is a mistake or not.
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In my mind, so-called cultures of innovation really boil down to one word: curiosity.
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You have to chip away at it and shape it to let the winning idea emerge.
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The need to be thoughtful about experiment design is particularly acute within large companies, since some of the behaviors, such as having small teams and tapping into low-cost resources to maximize flexibility, won't come naturally to many people inside huge companies.
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Of course if you are launching a new business you can thinking about revenues, profits, and so on, but metrics such as customer satisfaction or employee retention might be meaningful if you are focusing more internally.
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If you are trying to improve the performance of existing operations in known markets, it is an analytical problem where it's just a question of aligning your execution engine in the right way. If it is about creating something new and different, you can't derive the right answer analytically.
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People who copy what exists copy a point-in-time artifact, and if you are managing the process correctly you are already hard at work on the next thing.
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Good innovators like to solve business crossword puzzles.
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One of the biggest mistakes large companies make is creating innovation teams that mirror all the functions of the core business. Those teams make no progress because they spent forever updating each other on what they are doing versus really crushing the most critical problems they need to address.
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There is what Steve Blank calls the stage where you are searching for a scalable business model. Then, there is the stage when you have found that model and need to scale it. In the former stage you have to have a beginner's mind, be in learning mode, and expect to learn things you didn't anticipate.
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Anytime you see a constrained market, where consumption is limited to those who have special skills or are wealthy, that signals an opportunity for innovation.
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