Every business owner and entrepreneur I meet on my consulting rounds dreams of finding that "disruptive" innovation that will supercharge their business and catapult it into business unicorns (billion-dollar valuations) like SpaceX and Apple. They don't realize that they are still rare, require a big risk and may not be the best way to keep up with changes in the market.
As a potential investor, I always think about the high failure rate of disruptive technologies due to the long learning curve of customers, the constant need for infrastructure changes, and the high marketing costs. As an alternative, I generally recommend more incremental innovation stemming from recognized market changes made regularly without big-bang expectations.
In that context, I was pleased to see the supportive message in a recent book by Alex Goriachev, "Fearless Innovation: Going Beyond the Buzzwords." Alex is a Silicon Valley veteran and Cisco executive, often referred to as an 'innovation therapist', who details his knowledge of many real-world cases and how to adapt to change and win in the marketplace.
8 Strategies to Help You Become a Fearless Business Innovator?
Here are his key recommendations, along with my own insights on how you too can successfully keep pace with change and stay ahead of your competitors in today's business world through regular and low-risk incremental innovation:
1. Remember well that change waits for no one. As markets change more rapidly through new technology and innovation, the global social, economic and business environment will also evolve rapidly. If you don't keep this in mind today, you will fall behind. It is important for you to instill a sense of urgency in your business team.
I can think of many companies that waited too long to respond to change, including Polaroid and Blockbuster, and were never able to recover. Be careful not to be lulled into a false sense of security by an early innovation that has served your company well so far.
2. Take responsibility for owning an informed strategy. Look at the big picture and then find the strategy that best aligns with your company and personal values and priorities. Before you act, shut up and listen to employees, customers and the future. Be sure to take accountability for execution by enabling success through resources, attention, and care.
3. Define realistic metrics to track progress. Remember, if you can't measure it, you can't manage it.. You need metrics to drive the right team behavior. As a leader you must be transparent about how and why you are investing in one initiative over another. Not every initiative will win, and you also need to know when to pack it in and move on.
4. Focus on pragmatic innovation rather than disruption. Technology is great, but high-tech breakthrough solutions are not the answer to all our change challenges. The world moves primarily from market convergence to small low-risk transitions that solve problems and accomplish measurable milestones with near-term growth potential.
5. Make innovation a team effort rather than a solo effort. Involve everyone rather than relying on a lone innovator or even a particular group. Your challenge in this area is to break down silos, manage diverse and inclusive perspectives, and capitalize on cross-functional insights. Don't forget to hire and cultivate new talent with the right mindset.
6. Capitalize on the open community initiatives around you. Keep your eyes and mind open to open sources of innovation in every ecosystem, including open-source software, university cooperative programs, and the many incubators and accelerators supported by volunteers and communities. You can also provide discipline and resources for results.
7. Establish a governance mechanism to support the effort. Does your business have a Chief Innovation Officer or equivalent function to coordinate activities, ensure resources and ensure the implementation and achievement of long-term goals? Innovation needs to be embedded in every function of your organization and measured at the highest level.
8. Use all platforms to invest in communication skills. It's worth noting that, in addition to spreading the word internally, you need to create a dialogue externally with partners and customers. In return, active listening and two-way communication will maximize your impact and value of results. When it comes to keeping in touch, don't forget new social media platforms and industry forums.
You may think that innovation and disruption are interchangeable, but they are different concepts and should not be confused. Every company needs a turnaround strategy to address critical issues or get new funding, but don't rely on disruption to be that strategy. Instead, we recommend that you focus your team on frequent and simple changes rather than big dreams of saving the world.
See Also:
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To be a fearless business innovator you must be willing to take risks and try new things. To succeed you must be willing to fail. To be a fearless business innovator you must have the courage to think outside the box.
What strategies help you become a fearless business innovator?
I believe that first, I need to research my industry and competitors on how they are performing online. And in this case you can use the above tips.
Then, I have to come up with an idea for a completely new product or service that is not currently being sold in the market. Once I have identified a gap within my industry, it would be wise for me to conduct market research on what the needs of people within this area of interest are and then build my product/service around these needs.
This strategy has been proven by many successful entrepreneurs over time as it helps them stand out from other businesses in the same niche offering similar products and services.
It also helps them build trust with their customers as they know exactly what they want when they use your service/product so there is no guesswork involved when buying from you.
This strategy has also been proven by many successful entrepreneurs over time as it helps them stand out from other businesses in the same niche offering similar products and services.
It also helps them build trust with their customers as they know exactly what they want when they use your service/product so there is no guesswork involved when buying from you.
Secondly, I need to find investors who are willing to support my start-up company idea because without funding, no one will buy my product or hire me to work for their company which means I won't be able to make any sales income.
I don't make any money until someone buys my product or hires me to work for their company which means I don't make any sales income which means I don't make any money until someone buys my product or hires me to work for their company Hire me to work.
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