Technology improves our lives in many ways, but overreliance on it can cause us to "dumb down." Technology has a tendency to fill in or take over certain tasks for the consumer, relieving us of cognitive activities that we once did ourselves. These cognitive activities get weak or atrophied. We get lazy and dependent on the new technology to do our work for us. We become dumb.
Venture capitalists could increase the value of their investments by applying a corporate innovation method to those investments. Take Twitter for example. It just received its third round of funding - $35 million. Yet it has no revenue, no business model...just the promise of such. It is the perfect time to innovate.
I decided to take the challenge to create new concepts for the Twitter platform that have the potential to earn money. Others are chasing this, too, including the Twitter management team. It reminds me of the early days of Amazon when many (including me) wondered if the company would turn a profit. The difference between Twitter and Amazon is an important one. Amazon started with a business model in mind. From there, it had to achieve economies of scale. Twitter started with none. Economies of scale do not matter until it can define a viable business model.
Let's see how innovation can help.
Twitter continues to evolve with some 220 million users tweeting collectively 250 million times a day. It is a vast social network that has become the world's "listening post" for events happening everywhere. Major news organizations rely on Twitter to give early warning to breaking stories.
For this month's LAB, we will apply all five techniques of Systematic Inventive Thinking to Twitter. Our goal will be to create new features and innovations with the main Twitter platform as well as to create completely new applications related to Twitter. Many "apps" tied to Twitter already exist, and you can find a thorough inventory here.
It's official. Pinterest has joined the elite group of social apps along with Facebook, Twitter, LinkedIn, Youtube, and Google Plus. "Pinterest is a Virtual Pinboard that lets you organize and share all the beautiful things you find on the web." How popular is it? It is the fastest site ever to break through the 10 million unique visitor mark. A report by Shareaholic claims, “Pinterest drives more referral traffic than Google+, LinkedIn and YouTube combined.” As of March 2012, Pinterest was valued at $1.5 billion.
There are many creative ways to use Pinterest. New apps are emerging around it much like what happened with Twitter. But to maintain growth, Pinterest needs innovation. For this month's LAB, we will apply Attribute Dependency, one of five techniques of Systematic Inventive Thinking, to Pinterest. Our goal will be to create new innovations around Pinterest as we did with Twitter and Facebook.
Five companies are slugging it out in what may be the most competitive and unique business battle of all time. It is larger in scale with more at stake than battles in other industries including transportation, energy, and finance.
More remarkable is how different the combatants are from one another. Instead of similar companies competing (Toyota versus General Motors, for example), these companies hail from different business bases: an electronics manufacturer, a lifestyle computing company, an online retailer, a search engine, and a social network. In order: Samsung, Apple, Amazon, Google, and Facebook. I call them the Fabulous Five.
When you use Subtraction, you don’t always have to eliminate the component. There is also what we call “Partial Subtraction.” It is a valid technique as long as the product or service that remains delivers a new benefit. To deploy Partial Subtraction, you pick a component and then eliminate a specific feature of that component. Consider the case of Twitter, a microblogging application used by hundreds of millions of people worldwide. By simply restricting each tweet to 140 characters, Twitter has become a vast digital conversation about what individuals around the globe are thinking and doing. A Partial Subtraction of the traditional blog down to 140 characters dramatically increased the volume of and participation in this Internet phenomenon. How did it happen?
It's official. Twitter is a publicly traded company, and it will face constant pressure to innovate and grow. Let's look at how innovation methods can be applied to Twitter to find new opportunitues.
We'll apply the five techniques of Systematic Inventive Thinking to Twitter. Our goal will be to create new features and innovations with the main Twitter platform as well as to create completely new applications related to Twitter.