Most of the mindset we have around Innovation is shaped by the Media. Seeing movies like ‘The Social Network,’ watching TV Shows like ‘Dragon’s Den,’ and reading about ‘Unicorn-billionaires’ in Forbes. This creates a false narrative about what Innovation is really about.
Innovation is really about turning over stones in the right order until you find the hidden gem – that insight, or product feature, or customer segment – that can crack open an exponential, blue ocean opportunity.
The major key is not to run out of money in the process. Some types of innovation take decades, others weeks. So focusing on that ONE thing, over and above anything else, is the key to innovation. Don’t get bogged down in the 100 things on your To-Do-List. FOCUS.
A good analogy is Building Blocks. Each set of Blocks unlocks progressively more value in the market. Order your thinking, processes, and strategy to tackle the 1st block. Use whatever tools and means at your disposal, but try and stay lean. Don’t assume that getting through the 1st block will be easy. Be tenacious and don’t give up until you get through the 1st block. Then move onto the next stage, progressing towards Blue Oceans. But in Phase 1, stay focused on ONE key objective over and above anything else.