The Rules of Innovation
The Rules of Innovation stories
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isenbrosCommunity member
Autoplay OFF  •  2 years ago

The Rules of Innovation

"the action or process of innovating" "a new method, idea, product, etc."

1) Taking Root in Disruption

To be disruptive, a company must attack a lower market than competitors

Solar City Draft Kings

“by assaulting the low end of the market and then moving up, a new company attacks, tier by tier, the markets from which established competitors are motivated to exit”

2) The Necessary Scope to Succeed

Either increase the technology or increase the user-friendliness

Instagram Yahoo

"When the functionality of a product has overshot what mainstream customers can use, competitors must compete through improvements in speed to market, simplicity, convenience, and customization"

3) Leverage the Right Capabilities

Do I have the resources to succeed? Will my processes allow success in this new effort? Will our company's values allow employees to prioritize this innovation given their other duties?

KickStarter Indiegogo

“The first is that deep corporate pockets are an advantage when growing new businesses. they are not. Too much cash allows those running a new venture to follow a flawed strategy for too long.”

4) Disrupt Competitors, not Customers

Minimize the need for customers to change their daily lives

Uber Amazon's Push Pantry

“And Many fail after assuming that what their customers say they want to do is what they actually do”

"Indeed, success may not be as difficult to achieve as it has seemed"

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