|
Mike Docherty continues to explore the limits of innovation and new product development in his Innovation.net Weblog. In his latest post, he explains how entrepreneurs approach innovation, and the lesson that established companies can learn from their strategies:
"While a lot of effort and focus has been put on creativity in the 'fuzzy front end' of innovation, few established companies have applied true entrepreneurial thinking to their market launches, especially truly new products/services that require awareness building and consumer education. Compare this with how start-ups and small, entrepreneurial enterprises operate. They innovate, get it into the market and evolve (living or dying by the result). Along the way, they hopefully find a segment of the market for which their product/service creates excitment and word of mouth and build around it. Maybe it's their critical need for cash flow, or maybe it's their mindset and bias for action. Either way, this approach provides important lessons for companies of any size in launching innovation."
Mike then presents several examples of how large companies have adopted entrepreneurial, iterative strategies for launching new products and distills it to its very essence: Launch fast, fail early, adapt/evolve, win big. |
