“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.”
Should “innovation” only be used to refer to big, world-changing ideas? No. This is actually a dangerous approach to innovating. The biggest hurdle is actually getting started – it’s more important to put effort into that.
We all want to avoid big, expensive failures. The best way to do this is to design many small, cheap failures – experiments!
How should respond to potentially disruptive innovations? If the first response is ridicule, followed by aggression and bargaining, then you could be in trouble.