Skip to Main Content

Innovation Is More Than Idea Generation

Friday, August 23, 2013

Innovation is often associated with idea generation, leading organizations to believe that companies with better ideas gain the advantage in the marketplace. As a result, organizations create think tanks or brain trusts that sit in a room and brainstorm how to disrupt business, but rarely do they actually act on these ideas.

Similarly, conventional wisdom assumes that risks are the result of poor idea generation. When ideas fail, the proposed solution is to gather the smartest people and have them find better ways to overcome challenges in the business, instead of focusing on the benefits of failure.

These theories regarding innovation are wrong. Innovation is not merely idea creation. There are plenty of ideas in today’s world, and the risks of innovation do not result from the quality of ideas. Innovation requires rapid execution and rapid execution mitigates the risk of failure... Read More

Patrick Tam - AccountingWeb.com