Innovation is difficult.

1 in 20,000 ideas turns into a billion dollar business-Blueprint to a Billion

1 in 10 companies is able to maintain an above average rate of growth for more than a few years- The Innovator’s Solution

96% of innovations fail ~ The Doblin Group

Only 15% managers believe their companies are “very successful” at innovation~ AMA / HRI survey

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Innovation is meaningful change.

An Innovation changes what people do or how they do it and makes money.

It can be a new technology, but it also can be:

💡 A new way of selling things  (App Store)

💡 A new experience (Starbucks)

💡 New distribution channel (Amazon, Zappos)

💡 New way to make a purchase (iTunes, ebay)

💡 A commercial innovation (Got milk!)

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Innovation is disruptive principles.

Market leaders usually don’t see or will ignore disruptive entries

Target a "job to be done" that is currently unaffordable or simply can’t be done

Recognize pursuit of perfection is the enemy; Target consumer defines “good enough”

Understand that disruptions have low knowledge to assumption ratios

Expect the initial approach to be wrong

Accept that markets that don’t exist can’t be measured or analyzed

Be patient for growth, impatient for profit

Develop new, different organization capability for disruptive approaches