Innovation at the Speed of Thought!


Innovation Definition

Few expert quotes to kick off:

There’s a way to do it better – find it. — Thomas Edison

Innovation is seeing what everybody has seen and thinking what nobody has thought.  — Dr. Albert Szent-Gyorgyi, Discovered Vitamin C

According to a 2016 survey on innovation, it’s only 20% who perceive the definition to be concrete.

Survey

Innovation is one of the most misconstrued terms in modern day information technology (IT) industry, a truly confusing buzzword yet many people love to use it.

Let’s take a step back and approach it bottom-up. The word innovation comes from the Latin root innovatus, which means ‘to renew or to change’. In general, innovation refers to the creation of better and more effective ideas, products, and processes that solve problems and/or enrich people’s lives, and accepted by members of a social system.

Why Innovate?

Innovation distinguishes between a leader and a follower. — Steve Jobs, Apple

The day I took on my new role I said that our industry does not respect tradition, it only respects innovation. — Satya Nadella, CEO, Microsoft

Why Innovate

The underlying message is that businesses have to innovate more often to consistently delight their customers and be relevant to them, make it part of their culture, else companies and brands will become obsolete and irrelevant to their target customers

It’s a challenge to both businesses and individuals, and that leads to the next section which is about achieving faster product-market fit.

Being First To Market Is Not Important, Achieving Faster Product-Market Fit Is

Remember, it’s not innovation until it gets built. — Garry Tan, co-founder Posterous

Jump, and you will find out how to unfold your wings as you fall. — Ray Bradbury, American author and screenwriter

Waiting for perfect is never as smart as making progress. — Seth Godin, author and former dot com business executive

If you are not embarrassed by the first version of your product, you’ve launched too late. — Reid Hoffman, LinkedIn co-founder and venture capitalist

The way to get started is to quit talking and start doing. — Walt Disney, Disney co-founder

I have not failed. I’ve just found 10,000 ways that won’t work. — Thomas Edison, GE

Failure is an option here. If things are not failing, you are not innovating enough. — Elon Musk, CEO Tesla

Why Innovate2

 

In today’s highly competitive world, especially in the IT industry, being first to market is not important at all, competition will catch up fast and we will become irrelevant if we are not innovating.

Instead, being first in achieving product-market fit is supremely important. A faster fit means the product will enjoy maximum differentiation for long and that is the key to long-term business success and market leadership.

There is no dearth of ideas. Ideas are everywhere. Ideas are useless if they are not useful and are not usable. For a faster product-market fit, Execution Loop and its velocity are of paramount significance.

Execution Loop is about doing whatever it takes to win and doing it fast, really fast, at the speed of thought. Typically, it is about:

  • Defining your hypotheses
  • Validating each of them
  • Favoring decisions today over tomorrow
  • Iterating based on learning and decisions

Execution Loop.png

Innovation Myths

Whilst there are many myths on innovation, a few important ones are worth discussing here:

Myth 1: Innovation is about building new products

New products are important, but it’s not all about new products alone. Innovation can beArrow with word  Fact breaks word Myth. Concept 3D illustration. in functions, business models, and processes. Some examples include Toyota’s Global Production System, Dell’s SCM, and even Starbucks’ perception of the coffee shop.

Myth 2: Innovation is for geniuses

The very essence of innovation gets defeated with this myth, especially in the IT industry. Companies waiting for ‘eureka’ moments from geniuses may well die waiting. It is worth that founders of WhatsApp, Facebook, and Twitter were not geniuses prior to their respective innovations.

Myth 3: Innovations happen in R&D labs

Well, not exactly true, Anyone can contribute to solving problems in new ways.

Hope you enjoyed the read!

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