Innovating means that we are seeking out uncertainty. The ideas of scaled investments and affordable losses can help us reduce this uncertainty, and increase our chances of succeeding.
If we try to avoid short-term risk, we actually increase the long-term risk of catastrophic failure for our organisations. If risk-aversion keeps us from innovating, we’re thinking about risk all wrong.
What should management look like today – and tomorrow? I just got back to Australia from the 6th Global Drucker Forum that took place over the weekend, where these two questions (and others!) were addressed. Drucker was a great thinker, and one of his pieces inspired the title for this blog – so I was […]
Our organisations are idea-processing machines. This means that we need to think about how we get work done in new ways. There are some fascinating lessons in how to do this in the world’s first organisation chart, from 1854!
“The Googles, Amazons, Apples, Netflixes, and Capital Ones … don’t insist on performing lots of interesting experiments because they’re rich; they’re rich because they insist on performing lots of interesting experiments.”
We often think that great new ideas get adopted rapidly. Unfortunately, this is untrue. In order to innovate effectively, we must understand the role that time plays in innovation.
Innovation efforts often start by looking for quick wins. The problem is that quick wins don’t solve tough problems, and solving tough problems is what leads to competitive advantage. We’re better off by going after the tough problems first.
How do we build things that move society forward? That is the core question addressed in Zero to One by Peter Thiel and Blake Masters. I finished the book today, and here are some key quotes (in bold) and my thoughts on them. Of course, it’s easier to copy a model than to make something […]
When you’re attacking a large competitor, you can’t go at them head-on if you’re just starting out. The best way to win is to innovate your business model.
The Problem with Solved Problems that Aren’t Solved Phil was certain that his company had their innovation problems solved. After all, they had a dedicated innovation team, they had idea management software, and they had started a big internal PR effort to highlight successful innovations. What could possibly go wrong? Lots, actually. Over the past […]
Here are some things I learned from Stan Metcalfe today: We can’t make money by making bets that everyone agrees will pay off. That means that innovative ideas will often look nuts when we first start working on them. Nevertheless, we have to give them a try.