Common Myths About Innovation

  • One myth around innovation is that there are no bad ideas. This is not true. Innovative projects must continue to align with the larger business strategy.
  • Another myth is that you can continually pivot until you find something that works. In the enterprise, some initiatives will inevitably need to be killed.
  • Another myth is that big bets get big results. The better approach is to make small bets that you can test cheaply and quickly to help de-risk your innovation investment. This will help you more quickly identify the ideas worth investing in.
  • Research and innovation are not synonymous. Innovation requires translating research into a sustainable business model.

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Citations

Viki, Tendayi. Pirates In the Navy How Innovators Lead Transformation. Unbound, 2020.


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