Everyone would agree that innovation involves risk. Yet how often have you observed an entrepreneur who underestimates or fails to properly identify and communicate the risks for successfully developing and commercializing their innovations? It’s therefore not surprising that many startups fail. According to a Bureau of Labor Statistics report, more than 50 percent of small business startups […]
Build Three Models for Innovation Success: Product, Business and Execution
Every entrepreneur and technical leader wants to build the next blockbuster product and wildly successful company. Despite the desire and vision, success is not easy to find. Studies have shown that only 60 percent of new products introduced[1] and 25 percent of capital-backed ventures[2] achieve success. How do we improve our odds of success? The […]
Monetizing Innovation: The Right Team Counts
When starting a business or pursuing an innovation initiative, a critical component of success is having a great team. In fact, this may be the single most important factor and by itself, often determines whether a given initiative will be successful. Unfortunately, the evaluation of a team’s effectiveness is often done after an initiative is […]
Improving Innovation Effectiveness: Adopt an Investor’s Mentality
Why do so many innovation initiatives fail to live up to expectations? Were the expectations unreasonable or was it simply irrational exuberance? In the world of early stage investing, every entrepreneur pitching a business plan has their version of the infamous hockey stick growth model. In reality, hockey stick growth is as elusive as the […]
Delivering Success in Strategic Planning: Talent Management
Over the past few weeks we’ve discussed various aspects of strategic planning, including clearly identifying the target market segment, focusing on what your company needs to do to win, establishing measures of success, and implementing management processes to develop, drive, and monitor action plans. Now, let’s turn our attention to the most important part of […]
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