Scenario: "Dude, let's innovate by starting something entirely from scratch. High-five!" Most innovations suck because:
- The 'traditionalist' innovators speculate what people want.
- Those innovators then start from scratch, trying to play "catch-up" with more equipped companies.
- Market conditions change in the middle of long development cycles, destroying the innovation.
Use the "Innovate-As-You-Go" method.
Instead of innovating something entirely new -- where you're ill-equipped in resources, time, and money -- build on top of your existing successes. Instead of venturing into territory unfamiliar to you, where opposing destructive competitors will destroy you, capitalize on the strengths you've already built. That boosts your odds for a successful innovation.
Example: You + Your Real Estate Company
Say you're running a Real Estate company.
How would you best innovate?
You're using the "innovate-as-you-go" method. You're aiming to build on top of your existing wins, telling yourself:
- "I have access to new home buyers."
- "I know what new buyers covet."
- "I know what sellers need."
- "I know how to get the best value for my client."
"I know!" you tell your bad-self.
- "My home sellers can increase their home values by. I'll innovate by offering interior services to my sellers, and make their homes more enticing to their prospective buyers."
Sure, that's hardly a "revolutionizing" invention, but you increase your chances for a successful-innovative offering -- and fattening your bottom line. You do that many-freakish-times-over, and you start raking in the Benjamins like leaves from trees, where you provide value-on-value-on value to your clients.
Exploit Your Advantages
Think of it this way:
- You're a 10-year veteran of cross-country racing.
- You get a 500-mile head start, and you're racing against somebody who just got his license -- a n00b.
Now, be real:
Who would win?
You-of-course-oh-yeah-high-five. Traditional innovators start something entirely new, and give themselves ridiculous disadvantages against those who already have massive head-starts. The 'innovate-as-you-go' innovators build on top of their existing successes/strengths/wins -- increasing their chances of innovative victories. To get those ridiculous head starts:
Innovate as you go.
Posted on July 02
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