Investools: A Case Study in Putting Your Innovation Process to Work
“How does all this work in the real world?”
That’s a question we invariably get after we’ve given a speech explaining how to solve the New Product Paradox.
Our work with Investools is the best answer we have ever come up with.
So far, you have learned about what it takes to innovate successfully and efficiently. As we have shown, overcoming the innovation paradox requires:
- Systematically working your way through the three circles that comprise effective innovation including need, the idea that fulfills the need, and linking the two through communication and commercialization;
- Staying “outside the jar” (i.e., constantly infusing outside thinking into your organization);
- Remaining agnostic about where insights and ideas come from since you can—and should—always subject every idea to extensive testing before you launch;
- Being open to the solution being a product, service, or business model;
- The rigor to do testing and “learn–fail” (learn something from the failure) until you succeed;
- The discipline to follow through, be persistent, and complete the three circles again and again.
It’s admittedly not easy, but if you use everything we have talked about, you will significantly increase your chances of innovating successfully. (And, at a minimum, gain lots of ground with respect to rounding out your innovation portfolio as we discussed in Chapter 6.)
We have gone through the process piecemeal so, by way ...