Innovation has many myths and misconceptions associated with it

As all of us working on innovation know, it’s quite an opaque topic that many innovators and organizations don’t talk about openly. As a result, innovation is an area that’s fraught with many common myths and misconceptions. That’s unfortunate, because those less experienced in innovation often end up going about it all wrong, and as…

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As we all know, innovating and creating something new is usually seen, for good reason, as an important, yet highly risky endeavor. As such, innovation leaders are constantly under a lot of pressure from many different directions. Now, when we talk about innovation, we often focus on the more practical side of things related to…

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One of the most controversial, and perhaps even misunderstood topics in innovation are the roles of risk and luck for innovation success. Do you have to get lucky to innovate successfully, or can you make your own luck? Is it always inherently risky to try to innovate, or can you manage risk by making smart…

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A rapid pace of innovation is a source of competitive advantage

When we think of a business having a competitive advantage, we still tend to think of traditional economic moats such as a low-cost structure, economies of scale, or perhaps a more intangible moat like a strong brand. While all of these are still extremely desirable assets, they no longer guarantee a sustainable competitive advantage for most companies.…

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When it comes to innovation, there are countless ways things might go wrong. However, one of the most prevalent ones is incorrect timing. If you manage to get the timing just right, your innovations will obviously benefit from huge tailwinds when entire industries are transitioning from the old to the new with you riding at…

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Innovation culture has long been one of the most challenging, and oft-discussed, topics in our conversations with business and innovation leaders. Given the extraordinary importance of innovation for businesses, and society in general, and the fact that culture has been shown to be one of the biggest barriers for innovation performance, it’s not much of a surprise. Because most…

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If you’ve been working in innovation for at least some time, you’re probably sick and tired of hearing people talk about “thinking outside the box”, or the need to create “outside the box innovations”. The phrase has become one of the most overused clichés out there. However, just like so many other clichés, there’s an…

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