Successful innovation requires not just finding great new ideas, but taking advantage of them too. This means that we have to strike a balance between executing older ideas and searching for new ones.
Great new ideas usually need great new business models to work. The Technology Readiness Level and the Investment Readiness Level are two tools that you can use to help you get your great new idea ready for the world.
What are your barriers to business success? A study from my colleagues shows that innovators don’t see barriers. Instead, they use obstacles to spur innovations that help them outpace the competition.
To innovate, we need three things: a great idea, that creates value for people, made real. If we only have two out of the three, then we have an innovation trigger: fear, fantasy or frustration.
The culture in our firms has a big influence on how innovative we are. Two ways to change the culture are to go with a flatter organisational hierarchy, and to examine the assumptions that underlie our culture.