A Lesson for Building your New Business Opportunity Case

Many would-be innovators share a common frustration: persistent difficulty in gaining traction for their new ideas with the people they need to cultivate in order to advance them. Why do they often struggle? There are numerous reasons, but a common one is that they all too often rely on opinions to make their case instead of applying facts and data.

Why is Innovation so Often “Hit or Miss?”

This question has baffled many executives for quite some time. Management tries to replicate the special event or circumstances that created a successful innovation project but often fails. Companies have created positions such as Chief Innovation officer, innovation teams, and organizational strategies that promote innovation through diversity, team dynamics, and social networking. However, failure rates of 90% are common when innovations occur due purely to chance. What distinguishes whether an innovation is hit or miss?

To Innovate, Adapt Someone Else’s Idea

Very often the best way to innovate is to borrow someone else’s idea and apply it in your business. A successful innovation does not have to be an all-new invention. It just has to be something new to your business that is beneficial, explains Paul Sloane.

A Practical Method of Using Patents to Stimulate New Product Ideas

We often think patents are the domain of legal counsel or technical experts but, in fact, if you have some patience and perseverance, they can reveal all sorts of ideas, insights, and market and technical knowledge that will stimulate your own new product ideas, and all at no cost to you, explains John Aceti.

Make Yourself Obsolete or Your Competitors Will

As history teaches us, maintaining the status quo may keep you in the money in the short term, but long term it can hurt your company and your industry. You have two choices: Make yourself obsolete, or your competitors will, warns Patrick Lefler.