10 innovation myths

Here are 10 innovation myths according to Innosight.

Myth versus Reality

1-Innovation is random = Innovation is a discipline — it can be measured and managed. Consider how Procter & Gamble's structured approach to innovation allowed it to triple its innovation success rate and double the size of a typical initiative.

2-Only creative geniuses can innovate = Innovation is distinct from creativity. While creativity can help, people who aren't intrinsically creative can create high-impact innovation if they follow the right process.

3- You're either an innovator or you're not = Research recounted in The Innovator's DNA described how innovation is about 30 percent nature and 70 percent nurture.

4-Innovation happens in the R&D lab = Innovation — something different that has impact — can happen anywhere in an organization. Everyone should be looking for new ways to solve old problems.

5-We will win with superior technology = Most market disruptions rest on innovative business models — new ways to create, capture, or deliver value

6-Innovation is all about improved performance = Sometimes innovation is about improving performance along traditional dimensions, but some of the most powerful disruptive innovations sacrifice raw performance in the name of accessibility or affordability.*

7-Our customers will be a critical source of innovation insight = Your customers might tell you how to make your current offering better, but they won't point the way to disruptive growth; you have to explore new markets in new ways to identify new growth businesses.

8-Game changing innovation is done only by entrepreneurs = Many of the most exciting disruptions in recent years — such as GE's low cost imaging solution and Cisco's TelePresence solution — have come from big companies

9- We will win by targeting the biggest markets = Markets that don't exist are difficult to precisely measure or analyze; the most powerful innovations create new markets.

10- Innovation requires big bets = As our friend Peter Sims writes in Little Bets, if you want to win big, you should start small.


Source:
http://blogs.hbr.org/anthony/2011/10/ten_innovation_myths.html?cm_sp=blog_flyout-_-anthony-_-ten_innovation_myths

louis Rhéaume
Infocom Intellignece
louis@infocomintelligence.com
Twitter: @InfocomAnalysis