Innovation and the importance of 'fail fast and fail cheap'
Innovation has been a major factor in the growth of productivity in
the U.S. over the past 50 years, and for businesses and countries the
world over it continues to grow in importance.
So says Andrew Taylor, partner and managing director at Boston
Consulting Group. Taylor, who heads up the firm’s innovation strategy
practice,
gave the keynote address late last week at the 2014 Product
Development and Management Association-UIC Innovation Doctoral Consortium at the UIC Forum.
The weekend-long conference brought together academics, industry
thought leaders and doctoral students from around the world. The goal:
to shine light on the importance of fostering innovation.
For companies and countries to compete globally, Taylor said, they
must embrace innovation and strive to reach the rising standard against
which world-class organizations are measured. To do so, they’ll have to
cut the “waste” built into traditional innovation processes and learn
from others who are doing things right.
“Innovation is inherently a creative process, done well,” Taylor said. “The key is how do you fail fast and fail cheap.”
Taylor said U.K. grocery chain Tesco
exemplifies this by testing many product ideas — from virtual shopping
in South Korean subways to in-store bike shops — and using failures to
drive consumer insights. Projects that Taylor calls “zombies” are those
that don’t produce valuable outputs, and he said they must be killed off
lest they strain organizational resources.
Outputs are the dominant factor in measuring innovation and most
often used to determine whether a country or organization is winning,
Taylor told Blue Sky after the talk.
In the context of the consortium, Taylor said academics can be
valuable in pushing innovative thinking. But to truly benefit from
innovation, he said academics must partner with companies and venture
capital firms “to take those ideas and have impact in the marketplace.”
Such collaborative partnerships are valuable to all parties involved
in innovation, including startups, venture capital firms, corporations,
government and academic institutions, Taylor said. The key question for
small companies is getting access to established organizations;
incubators are doing a good job facilitating those connections, he said.
For companies that aren’t in those incubators, Taylor said venture capitalists can provide a way to connect to corporations.
“We’re good on the big companies,” he said about Chicago venture
capital. “We’re getting better at the small companies. The venture
capital is not at the level that we need, but it’s growing rapidly.”
More details
If you are looking for a positive lending experience I would recommend Le_Meridian Funding Service. It is surprisingly easy to receive a debt help. You will be treated with respect and professionalism Because they helped me with loan too @ 1.9% ROI. Email Contact..lfdsloans@lemeridianfds.com
RépondreSupprimerThanks Nina for your interest and Feedback. You are welcome. Fell free to cocreate with us.
RépondreSupprimerI just want to thank you for sharing your information and your site or blog this is simple but nice Information I’ve ever seen i like it i learn something today. Strategies to grow your business
RépondreSupprimerJe souhaite partager un témoignage sur la façon dont le service de financement Le_Meridian m'a aidé avec un prêt de 2 000 000,00 USD pour financer mon projet de ferme de marijuana. Je suis très reconnaissant et j'ai promis de partager cette entreprise de financement légitime avec quiconque souhaitant développer son entreprise. project.the company est une société de financement UK / USA. Toute personne à la recherche d'un soutien financier doit le contacter à l'adresse lfdsloans@outlook.com ou à lfdsloans@lemeridianfds.com. M. Benjamin est également disponible sur le site Web WhatsApp, au 1-989-394-3740, afin de faciliter la tâche de tout candidat.
RépondreSupprimer