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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
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Innovation is doubly hard inside big companies.
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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 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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Small teams move faster than big teams.
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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.
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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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If you work on a new product launch, spent time in a new geography, or work to develop a completely new skill, you have no choice but to figure out new ways to solve problems.
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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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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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The sad truth is as difficult as the first mile can be for entrepreneurs, it is doubly tough inside most large companies as innovators can face some significant headwinds.
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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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You can increase the odds of spotting the weak points in your approach if you really think about the end-to-end business model you plan to follow - how you plan to create, capture, and deliver value.
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You have to make the decision about whether you want to avoid or you want to overcome the resistance.
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The reality is customers lie - not because they want to want to deceive you, but because they don't do a good job of predicting what they will do in the future.
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A next-generation innovation writer and thought leader worth watching.
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So many people tell me that they aren't creative or they aren't innovative, and it's just not true.
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