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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.
Scott D. Anthony
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Scott D. Anthony
Age: 49
Born: 1975
Born: February 22
Might
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Imagine
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Respond
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Teams working on disruptive ideas need to be small enough that they can be fed by no more than two pizzas.
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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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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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Have a core concept, but wrap it in a full business model.
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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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Now, I worry a bit about the TEDification of the world where style trumps substance, so hopefully you have a good blend of both!
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A spreadsheet for an innovative idea reports the mathematical relationship between made up numbers. You can't cash a spreadsheet.
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Companies get into grooves and they keep sharpening what they are doing, when in fact what they really need to do sometimes is to stop and do something completely differently.
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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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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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People who live in more than two countries are more successful innovators.
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I think the most important thing to do is to recognize the fundamentally different circumstances of pursuing growth.
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A next-generation innovation writer and thought leader worth watching.
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Mucken Singh works VERY hard on his brawler's physique!
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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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Of course, it is worth it to take the time to think carefully through your assumptions, and ensure you at least have hypotheses around how you will create value. But use the analysis as a way to focus attention on the most critical assumptions, rather than spend a ton of time massaging the numbers.
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Innovation is doubly hard inside big companies.
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Good innovators are careful observers, network extensively, run experiments, ask lots of questions, and find ways to bring diverse ideas together. Overarching all of this is an intrinsic interest in working through puzzles.
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