Recently, the Boston Consulting Group (BCG) has published key findings of their latest “Most Innovative Companies 2014” survey. Beside the annual ranking, headed by the top three companies Apple, Google and Samsung, some insightful outcomes with regard to organizational and cultural requirements have striked my eye. According to BCG’s research, successfully innovating companies approach innovation as a system. The system is rooted in experimentation, […]
When we make something new, we often don’t give as much thought to building a business model to go with the great new thing. This is a mistake.
Big new ideas and big target markets are important to innovation. However, if we want to win big, we have to start out incredibly small. New ideas grow by dominating a small niche, and then spiralling out.
Being average isn’t enough – we need to be awesome at something if we want to win.
If we want to change the world, it’s not enough to have great ideas. We also have to have the managerial skills needed to execute our ideas. The baby incubator from Design that Matters is a great case study showing the obstacles we face.
Marshall McLuhan said: “Any innovation threatens the equilibrium of existing organization. In big industry new ideas are invited to rear their heads so that they can be clobbered at once.” How do we get around this problem?
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.”