Innovation in Practice Blog
Beware the Overconfident Innovator
I want you to imagine that you’ve been working on a string of projects, and they’ve all gone very well. You’re talented, hardworking, and ambitious, and you’re on a roll.
Then, your next assignment comes along. It’s a big challenge like the ones before. You’ve got a tight deadline, a limited budget, and lots of pressure to make it a big success. Then, something bad happens. You were faced with a critical decision. You knew ahead of time that you didn’t have all the information, but you made a decision anyway…and it was dead wrong.
So what happened? Well, you may have been guilty of a cognitive bias called overconfidence.
Innovating Out of Crisis
In Innovating Out of Crisis, How Fujifilm Survived (and Thrived) As Its Core Business Was Vanishing, published by Stone Bridge Press, Berkeley, California, Shigetaka Komori, FUJIFILM Holdings Corporation Chairman and CEO, recounts how he was inspired to lead Fujifilm’s journey from the brink of extinction to its current path of prosperity and growth – and a new direction.
Innovate to Reduce Your Customer’s Risk
Do you remember a time when you were just about to buy something, but at the last minute, you stopped and said, “No, I don’t think I’ll buy this.” So what stopped you? It was most likely because you were worried about something. There was too much risk around the purchase, so you walked away. Guess what? You’re just like every other consumer out there. Being a consumer is risky business.
As an innovator, you have to understand the risks and uncertainties faced by your customers, and figure out ways to lower that risk. The lower the risk to consumers, the more likely they are to buy the product and less likely they are to complain about it afterwards.
The 2015 Breakthrough Innovation Report
Nielson released its 2015 BREAKTHROUGH INNOVATION REPORT that features best practices from winning brands – with 7 specific case studies from brands like Pepsico, Kraft, MillerCoors, Kellogg’s, Nestle Purina, Atkins and L’Oreal Paris.
The report is based on a two year study examining over 3000 products that were launched to consumers in the US. It debunks conventional wisdom that new product success is random. Instead, it shows that success in new product innovation is repeatable and scalable when the science of innovation is applied.
Discover Where Creativity and Innovation Live.
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