Innovation is different from everything you do as a leader in three distinct ways. First, innovation happens in the future for which you currently have no data. In fact, one of the most common forms of resistance to innovation is excessive data collection because it stops your company from taking purposeful action. Second, innovation is a time-based form of value. That is it has a shelf life and goes sour like milk. So innovation has to happen within a specific window of opportunity. Third, innovation happens in cycles; not straight lines. Revolutionary innovations seldom occur in good times because the relative risk is high and the reward low. In a down economy innovation isn’t your best friend…it’s your only friend.
1. Set High Quality Targets
2. Enlist Deep & Diverse Domain Expertise
3. Take Multiple Shots on Goal
4. Learn from Experience and Experiments