From my experience, there are two choices in how to fund innovation: invention or development. Invention means the actual genesis of the idea, usually through a concentrated effort or workshop using a proven method. Development is what you do with the ideas that have commercial merit. Both take time and money. The choice depends on whether you think spending the money to generate ideas will yield more than a pool of funds to invest the ideas that you already have.
Innovation, like most other things in business, gets caught in the trap of "how do we measure results." Innovation managers at Fortune 100 companies find themselves confronted with this question in their efforts to raise the innovation capabilities. In the end, measuring innovation doesn't matter. Measuring innovation methods is where the focus needs to be.
Ideation or prioritization? Imagine you had a choice of being really good at one, but not the other. You could be a master at creating ideas, or you could excel at selecting winning ideas, but not both. Which would you choose?
Two things intrigue me about this trade-off. First, companies spend too much time and energy prioritizing ideas and not enough on creating ideas. Second, the innovation space seems to demand a completely different set of tools and techniques for selecting ideas than the tools and techniques used for making other business decisions. In reality, there is no difference. The tools used to make everyday business decisions should be the same ones used to prioritize ideas.
On December 3, 2014, the first session of the Entrepreneurship Educators Forum Webinar Series took place. The vision for the project is to create a meeting place for the community to discuss the challenges of teaching entrepreneurship, and to build an open-source platform that will enable us to collect, curate and share knowledge, teaching materials and tools that will help us guide our students effectively. Bill Aulet opened the session with a review of a roadmap for entrepreneurship education at MIT that divides the process into three main stages – nucleation, product definition and venture development.
You've heard that old adage. Don't judge a book by its cover. The same holds true in creativity. We want to resist the temptation of judging ideas depending on where it came from. Yet, its very difficult for us to do this. If we like the person, we tend to like their idea. And if we don't like that person, well, let's just say we might see a few more flaws than we might have otherwise. Now you and your colleagues might not even be aware that you're doing this. And what this means for you in practice is that you have to find a way to strip ideas of their identity.