Procrastination is a thief of potential, time, happiness, and success. Innovators often don't realize they are procrastinating because of how many projects they start. While innovators start innovations, they fail to launch them. Failure to launch is one of the most insidious forms of procrastination. In innovation, you will get your next position or project based on your portfolio, not your resume. It's all about the&nbsp;. If you are interested in looking at a small sample of my portfolio, you can hop over&nbsp;. FIRE - Execution Stage The&nbsp;&nbsp;is a great way to avoid the trap of starting but not completing. The key is to move from stage to stage in the framework until you've launched your innovation. People procrastinate the most in the execution stage. In the execution stage, things can get messy, but avoiding it is no excuse. As innovators, we tend to compare our ideas to others and want to launch something perfect.&nbsp;&nbsp;is one of the biggest roadblocks to creative output. Don't let the&nbsp;&nbsp;block your chances of success.&nbsp; Anti-Procrastination Tips for Innovators 1.&nbsp;&nbsp;&nbsp;&nbsp; Focus on one innovation. Your focus will increase overall productivity as you will unlock the room for more innovations.&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp; Set a deadline. Setting intermediate deadlines for each task allows you to reach goals effectively. "The difference between a dream and a goal is a deadline." - Harvey Mackay 3.&nbsp;&nbsp;&nbsp;&nbsp; Find an accountability partner. A partner should be someone who keeps you on track and is supportive while offering honest feedback.&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp; Break it down into smaller steps. Consider using an agile innovation process that breaks down a project into short iterative cycles. Check out our podcast on&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp; Focus on your why. Your why is the reason or your motivation for working on a particular project. If you can keep this in mind, it will help you push through the difficult times. 6.&nbsp;&nbsp;&nbsp;&nbsp; Celebrate your wins. Celebrating each accomplishment will help you keep your focus and motivation high. Achieving Innovation Success Regarding innovation, it's important to remember that Rome wasn't built in one day. Your first try will probably , and that is ok. It takes hard work, focus, and determination to be successful. If you follow the steps outlined, you'll be well on achieving your innovation goals.&nbsp;

Procrastinators Guide For Innovators

Creating a Disruptive Ideation Workshop &nbsp; You can learn, practice, and perfect the skill of innovation. To keep the innovation funnel flowing, generating quality ideas is essential. So, how do you boost innovation in a team lacking confidence? One practical approach is organizing a disruptive ideation workshop. Let's explore how to create a successful one. Condensed Boot Camp I run an intensive four-day Innovation Boot Camp course a few times yearly. Students often request a condensed one-day version for their teams. In response, I developed the Disruptive Ideation Workshop, which focused on a disruptive approach to generate more and better ideas using the FIRE method. The workshop aims to teach the skill, apply it, and create a pipeline of ideas for the organization. Recently, we tested the workshop with 25 senior leaders with no innovation background. The results surpassed expectations, leading us to name it the "Disruptive Ideation Workshop." Overview of the Disruptive Ideation Workshop Disruptive ideation means causing innovation through unconventional approaches. The workshop has two main objectives:  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teach a disruptive approach to ideation, significantly increasing the quantity and quality of generated ideas.  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Apply the learned skills to the organization's real-world problem, resulting in a ranked set of disruptive ideas. &nbsp; The course comprises two sections: Foundation and Skills and Application/Practice. Foundation Section:  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debunk myths and mysteries surrounding innovation.  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Develop essential innovation skills, such as overcoming self-doubt, fostering imagination, and seeing with fresh eyes.  3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address innovation anti-bodies, such as ego, risk aversion, and resistance to change.  4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduce the FIRE framework:  a.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus: Define the problem statement clearly for relevant idea generation.  b.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ideation: Use powerful questions to generate a multitude of high-quality ideas.  c.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ranking: Group and identify top ideas from the pool.  d.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Execution: Refine and expand on selected ideas.  We emphasize the Ideation component. Skills and Application/Practice Section: Students apply the elements of the FIRE framework to an accurate problem statement. &nbsp; Skills taught include:  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOCUS: Clearly defining the problem as a well-defined statement is crucial.  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEATION: Use questions to generate more and better ideas, building upon individual contributions.  3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RANKING: Group and select top ideas from the pool.  4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EXECUTION: Expand on chosen ideas with depth and thought. We emphasize "Adapt and Adopt," allowing students to apply the learned skills effectively within their organizations. Lessons from the Disruptive Ideation Workshop Insights from conducting the workshop include:  1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The one-day format allows focused time away from daily responsibilities.  2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crafting a solid problem statement is critical, so allocate sufficient time.  3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limit workshop size to a manageable number of students, ideally no more than 20.  4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Establish the following steps to sustain momentum post-workshop.  5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foster a community among participants to maintain a vibrant learning atmosphere.

The Best of Killer Innovations: Creating a Disruptive Ideation Workshop

Continuing our Best of Killer Innovation series, we examine how one creator, Rama Sreenivasan of Blitzz, looked outside the box and created solutions to the hindrances he faced on his innovative journey. When you're in the middle of an important project and equipment fails, you want it fixed fast. &nbsp;In this week's show, I talk with Blitzz&nbsp;Co-founder&nbsp;Rama Sreenivasan. His company is solving the inefficiencies of . &nbsp;Blitzz's customer support innovation integrates AI, AR, and live video to solve problems faster. Winding Journeys Connected Rama's path has taken some unexpected twists, from a chemical engineer working on medical devices to starting a SaaS company. &nbsp;But at the heart of it, he is a problem solver. &nbsp;The source of his inspiration: his dad, who he likes to call "MacGyver." Rama founded Blitzz together with co-founder Keyur Patel two years ago. &nbsp;They most recently participated in CableLabs . &nbsp;This accelerator program helps startups develop a product-market fit for the cable industry. A System That Assesses Without the Hassle When instruments stop working, it's time to bring in a helpful live assistant. Blitz's customer support innovation allows a better perspective of and feel for the problem. Through live video chat, companies can avoid spending on onsite technician visits.  is not only heightened but it is also trained to see around the inconspicuous. &nbsp;Innovation in repair operations contributes to cuts in labor fees and time processing. &nbsp;What prompted Rama to create Blitzz's innovative approach? &nbsp;During his PH. D and Post-Doctoral work, frustration with equipment breakdown mid-experiment was the impetus. &nbsp;The long wait to get repairs done seemed a waste. Rama felt there had to be a better way. AR Perception In any given company,&nbsp;could always be better. That's why the addition of AR technology adds to the customer experience. Questions can be answered faster and more efficiently. One no longer has to worry about the hassle of scheduling an in-person visit. AR perception captures it all. This &nbsp;allows one on one human interaction on a more convenient level. AI Intelligence Equipment can malfunction and run the risk of being unreliable. AI can redirect the customer to questions and answers that may be a better fit. This AI customer support innovation becomes its teacher. The AI brings the ability to learn from the information it processes. Lessons Learned Rama highly recommends entrepreneurs go through an accelerator.&nbsp; He learned critical elements of the startup process through that experience. &nbsp;He also credits passion for driving the startup process. Connecting with mentors can help fan the flames of that passion. If you'd like to track the latest with Blitzz, visit the website:&nbsp; or check out Blitzz on&nbsp;&nbsp;and . &nbsp;We'd love your feedback on what you'd like to hear on Killer Innovations. and let me know.

The Best of Killer Innovations: Innovations in Customer Support

Continuing our Best of Killer Innovation series, we look at David Su’s innovative solution to the problem of disposable and short-lived battery life and his tips for success that helped him start Atmosic.  &nbsp;Being connected has become an essential part of our daily lives.  has made huge strides over the past two decades. &nbsp;IoT is connecting our world in ways we would have never imagined. &nbsp;With the growing demand for constant connectivity, one area that needs fine-tuning is battery life. &nbsp;All these devices we use throughout the day require battery power. Today’s guest saw this as an opportunity. &nbsp;is CEO of&nbsp;. &nbsp;His company is innovating battery life. &nbsp;Creating technologies to reduce battery usage, Atmosic develops solutions that keep things powered up.&nbsp;&nbsp; Stanford to Startup  Much of David’s career has been in the wireless space. &nbsp;With a Ph.D. in Electrical Engineering from Stanford, David joined Atheros Communication in 1999 as its fifth employee. &nbsp;David continued with Atheros as it grew and went public. He stayed on when Qualcomm acquired Atheros. After some years, David felt his time at Qualcomm had run its course. &nbsp;He ventured into&nbsp;. &nbsp;With four former work colleagues, he started a new company. &nbsp; Atmosic’s Vision  In the wireless world, battery power can be a boon and a bane. &nbsp;Reliance on wireless means dependence on batteries for power. When batteries lose charge, things can come to a standstill. &nbsp;Limited battery life also means a lot of – to the tune of three billion per year. &nbsp;Two and a half years ago, David and fellow co-founders started Atmosic with this in mind. &nbsp;David, Masoud Zargari, David Nakahira, Srinivas Pattamatta, and Manolis Terrovitis brainstormed. &nbsp;They sought advice from experts in the field. Their vision began to coalesce – to keep connected devices powered with little to no battery usage. &nbsp;  With the vision in place, Dave and his team went to work innovating battery life. &nbsp;They started with battery-powered Bluetooth devices. Solving Core Battery Problems  The advantages Autmosic’s technologies will offer:  ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lowest power usage without compromising quality.  ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turns device off when not in use with system level check that transmits only when needed.  ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RF energy harvesting, enabling the battery to last forever.  Long-term vision:  ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; “Battery-free utopia” – ecosystem in enterprise applications. Lessons Learned  What has David learned along the journey toward innovating battery life? &nbsp;David has some tips for people whether they’re starting a company or pursuing innovation. &nbsp;  ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interoperate – work with what is already known and improve it.  ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; who are smarter than you and be willing to listen.  ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Make sure what you are doing is what you truly believe in and areabout.  ·&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground what you are doing in reality. &nbsp;  By innovating battery life, Atmosic is focusing on a problem that affects us all. &nbsp;Powering down to power up will keep us connected sustainably.  To track what Atmosic is doing, visit&nbsp; &nbsp;&nbsp;For the latest updates, check them out on&nbsp;&nbsp;and&nbsp;. &nbsp;  &nbsp; &nbsp;

The Best of Killer Innovations: A New Way to Power Up

Hello, Innovators! Welcome back to another episode of the Killer Innovations podcast. I am so happy to be back in the studio with you today, and I'm excited to give you an update on the show and myself. A few months ago, in February, I had to undergo open heart surgery at the Mayo Clinic in Jacksonville, Florida. The surgery was totally unexpected when we went to Florida for Christmas. I have a rare genetic cardiac condition, so I'm under Mayo's care. During my annual check-up, the test showed some issues, which turned a three-week visit into a four and half month stay. Unfortunately, the nine days I spent in the intensive care unit being intubated caused damage to my vocal cords, preventing me from recording new episodes — that is, until today. The damage to the vocal cords is why my voice may sound different. But the show must go on, and that's where the team that helps me with the show stepped in. While I've been out, Andrew, Kirk, and Ethan have been serving up the  from our rich 19-year archive. Since I couldn't record, I turned my attention to my writing, posting multiple times weekly to my blog at . If you haven't checked it out lately, I encourage you to hop over. You will notice that all of my writing is now merged onto the Ghost platform that hosts the blog, making it easier for everyone to find the archive of my articles going back to 1996. To get back in front of the microphone, I've been meeting with vocal cord experts, including those specializing in performers and audio professionals. We looked at various options to determine what it would take to get my voice back to its pre-surgery level. The most important was letting the vocal cords rest. In addition, the specialists changed my diet to reduce the acid reflux, which has been scaring the vocal cords. Who knew? Now for some exciting news. I've been cleared to experiment with recording new shows to see how my vocal cords hold up. Andrew, our associate producer, has been investigating and testing  that can be trained on my past shows, taking the scripts I write and recording the audio for me. This will allow us to deliver original content without over-stressing my vocal cords. In fact, the introduction you heard today was an actual recording of me from my mobile studio built into my bus parked in Port Angeles, Washington. This main segment you are listening to was recorded using one of the AI tools. Like my challenge to you, the podcast team needs to innovate, even in how we produce the show. What do you think? As for my health, I'm doing great. I've lost 35 pounds—though I wouldn't recommend bypass surgery as a weight loss program. My focus now is on my cardiac rehab and rebuilding my strength and stamina. This summer, I'm working from my bus parked in the beautiful Pacific Northwest, walking on the beach to get my steps in, and loving my Starlink broadband! Regarding the show, our team is working hard to rebuild the queue so we can release new original content on a more regular schedule. If we miss a few weeks, I apologize in advance. So, what is changing — and staying the same with the show? When the show was launched in 2005, the goal was to explore creativity, design, and innovation. Over the years, this podcast has grown to include a mix of interviews, solo episodes, and occasional co-hosts. This focus and format will not change, but the technology behind producing this show will continue to evolve. So, who are our listeners? Well,  attracts a broad spectrum of people. From tech aficionados to aspiring entrepreneurs, from top brass at leading tech and strategy firms to those just embarking on their career journey. My mission is to satisfy your curiosity about what it takes to be successful as an innovator, inventor, and creator and to equip you with the tools and insights needed to navigate the rapidly . What can you expect from future episodes? Not much difference from what we've been doing in the past. We will continue to delve into innovations...

Navigating Uncharted Territory with Innovation

You've probably heard the saying that 'Creativity is a muscle.' Like your biceps or triceps, your creative mind needs regular exercise to stay in shape. What exercises will let you build your creative muscle? How do you turn these creativity exercises into a habit that is a routine part of your daily life? For many of us, developing creativity habits can seem overwhelming. Starting Small and Simple Where do you even begin? Research has shown that starting small is the key to creating sustainable habits. Renowned psychologist B.J. Fogg, for example, emphasizes the concept of "Tiny Habits," suggesting that an individual should start with behavior that's easy to do and can be accomplished in less than 30 seconds. This could be as simple as sketching a single line on paper or writing one sentence in a journal. James Clear, author of "Atomic Habits," recommends an approach of 1% improvement each day. Clear suggests that success is the product of daily habits—not a once-in-a-lifetime transformation. So rather than trying to write a novel in a day, aim to write one paragraph. Over time, these small increments can add up to substantial progress. Another best practice is to anchor your new creative habit to an existing routine—this is known as habit stacking. For example, if you already have a routine of having a cup of coffee every morning, add a few minutes of your chosen creative habit to this routine. And finally, make sure to reward yourself. Positive reinforcement is a powerful motivator in habit formation. So after each successful day of practicing your creative habit, allow yourself a small reward. Over time, this creates a positive association with your new habit, making you more likely to stick with it. The goal isn't to do something creative once and forget about it. The goal is to incorporate creativity into your daily life naturally and sustainably. And with these research-backed strategies, that goal is well within reach. Rome wasn't built in a day, and neither are habits. It's not about making massive changes overnight but taking small steps consistently. Habits to Cultivate Creativity The following are a few habits that can fan the flames of your creativity and help you tap into your innate inventive spirit. This is not an exhaustive list but merely a starting point. As you embark on building creative habits, you may find others that work better for you. Don't feel confined by this list—feel free to add, modify, and explore other practices that spark your creative energies. The most effective habits are the ones that resonate with you and your unique creative process. Here are some habits you might consider: Daily Journaling: Daily Journaling can genuinely be a transformative habit. It serves as a personal canvas where you can paint your thoughts, emotions, and ideas freely and without restraint. This practice declutters the mind and fuels creativity by helping you explore different trains of thought and identify patterns over time. Moreover, daily journaling can be adapted according to your preferences. Some individuals prefer traditional narrative journaling, while others might opt for bullet journals, sketching, or digital journaling. The form it takes isn't as important as consistently putting your thoughts on paper. Also, journaling can act as an incubator for your ideas. For instance, you might jot down a passing thought or a spark of an idea in your journal and then revisit it later to develop it further. This practice especially benefits creative people who need an outlet to capture their flowing ideas. The key to journaling is not to censor yourself. This is your private space for exploration, reflection, and creativity. So let your mind wander, let your pen flow, and you might be surprised at the innovation and creativity that emerge from the pages of your journal. Mindfulness Practices:  have gained prominence as powerful tools to nurture creativity. They involve focusing on the present moment,...

How to Cultivate a Creativity Habit

Have you ever found yourself stuck in a creative rut, unable to develop fresh ideas? Or maybe you struggle to find inspiration for a new project or task. It can be frustrating and discouraging, but you're not alone. It's easy to fall into a routine and rely on the same old ways to find ideas, but we limit our creative potential by doing so. In this post, we will explore ten uncommon and non-obvious ways to spark your creativity and find new ideas. These techniques can serve as a starting point to get you out of your comfort zone and help you find new ideas. So, grab your pen and paper, and let's dive in! Finding New Ideas Let's jump into the diverse methods you can employ to rejuvenate your thought process and stimulate your imagination. These strategies are designed to shake up your usual routines by offering new perspectives. The goal is not only to inspire fresh ideas but also to revolutionize how you approach creativity in your everyday life. 1) Mine your old ideas: Mining your old ideas not only includes flipping through old journal entries or project archives but also involves revisiting past conversations, failed projects, or ideas that sparked your interest but couldn't see the light of day due to various constraints. Sometimes the missing link in those ideas was the lack of a particular skill or resource at that time, which you might have acquired now. Try to view your old ideas with a new lens. Consider the changes in the environment, technology, or even your own perspective that could give these ideas a new life. Has there been a shift in market demands? Have new tools become available that could overcome previous obstacles? How has your own view evolved over time? Moreover, it's essential to remember that creativity is not a linear process. An idea that seemed irrelevant or impossible in the past could perfectly fit into a new context. This practice of revisiting and revamping your old ideas is like a treasure hunt where you're not only searching for gold but also refining it to create something valuable in the present. With this approach, you're not starting from a blank slate, but you're building on a foundation already laid, albeit in the past. So, flip through those old notebooks, revisit those brainstorming sessions, and give your past ideas a chance to infuse new life into your present creativity. 2) Think Add-Ons Instead of always striving for brand-new ideas, why not improve on what already exists? Building upon an existing idea is often less daunting than creating something completely new. An "add-on" approach encourages critical evaluation and improvement of established concepts. The beauty of this method lies in its simplicity; just take what's already there and make it better. This could be an existing product, a service, or a process in your daily life or work that you believe could be enhanced. Consider technology upgrades as an example. Each new smartphone or software application version is fundamentally an add-on, a series of improvements and enhancements to an existing product. These updates are based on customer feedback, market trends, and technological advancements, demonstrating that you don’t always need to reinvent the wheel to innovate. This strategy requires an analytical mindset and a focus on problem-solving. Begin by identifying a product, service, or process you believe has room for improvement. Then, brainstorm ways in which it could be enhanced. Remember, even small changes can have a significant impact, leading to a breakthrough idea. 3) Think macro: Thinking macro is about shifting your focus from the minute details and considering the overall impact or implications. This approach requires you to constantly question and analyze the broader implications of your idea, its potential evolution, and how it fits into a larger context or ecosystem. For instance, if you were developing a sustainable product, you wouldn't just consider the immediate benefits, such as reducing waste or...

10 ways to Find new Ideas

The world we inhabit is constantly changing. From the technological advances of interconnectivity to the global movements that bring about social change, nothing seems  for long. But often, it's not the sweeping revolutions that move us forward - it's the small, everyday changes that can create a ripple effect and have a big impact on our lives. The Myth of Big Innovations The prevailing belief is that only grand, monumental innovations can orchestrate significant change. This mindset, however, can be misleading. It often overlooks the transformative power of small innovations - the subtle yet impactful adjustments that often lay the foundation for large-scale change. Consider the evolution of the smartphone, which wasn't born out of a sudden, revolutionary idea. It was the product of numerous small innovations stacked over time - a gradual progression from landline phones to mobile phones and internet-enabled devices. Each seemingly insignificant incremental step was a critical component of the transformative technology we now cannot imagine living without. Consequently, we need to debunk the myth that only monumental disruptive innovations create a significant impact. The reality is that small, incremental innovations hold tremendous potential and often serve as the building blocks of the larger, more revolutionary changes we celebrate. Surprising Examples of Small Innovations with Major Impact Let's look at several examples highlighting the tremendous potential of small innovations with outsized impacts. The Mouse Wheel This seemingly insignificant feature now seen on almost every mouse was not originally part of the design. It was only introduced in 1995 by the Microsoft IntelliMouse. Before the advent of the mouse wheel, users had to drag the scrollbar to navigate through the content, which was often cumbersome and time-consuming. The introduction of the mouse wheel brought about a significant shift in how users interacted with their computers. It allowed quick and seamless scrolling through documents and web pages, significantly improving navigation efficiency. This small, incremental innovation also enhanced productivity and enriched the overall user experience, contributing to the broader goal of making technology more intuitive and user-friendly. Today, it's hard to imagine a mouse without a scroll wheel. QR Codes The QR Code, or Quick Response Code, is a two-dimensional barcode initially created by the automotive industry in Japan in 1994. It was originally developed by Denso Wave, a subsidiary of Toyota, to track car parts during manufacturing. The QR Code improved on the traditional barcode, capable of storing significantly larger information and being read from any angle. Its initial application was limited to the auto manufacturing process, but its potential for broader use was quickly recognized. In the years that followed, with the advancement of smartphones equipped with cameras, the QR Code was used in various public and commercial applications. Its first use outside the automotive industry was marketing, as companies used QR Codes for promotional purposes. It went on to facilitate a wide range of use cases, from contactless payments to ticket validations and quick website access. The QR Code made life easier and more efficient in countless ways. Contactless Payments Contactless payments took shape in the late 1990s and were born out of the desire for faster and more convenient methods. The first hint of this technology was when Mobil introduced the Speedpass in 1997, a keychain device that allowed customers to pay at gas stations by simply waving the device near the pump. However, it wasn't until 2007 that the first contactless credit cards started appearing, with Mastercard's PayPass and Visa's payWave leading the charge. These credit cards were embedded with a chip and an antenna allowing data transfer via Radio Frequency Identification (RFID) technology. Customers could now pay for their transactions...

Revolutionary Ripples - How Small Innovations Can Create a Big Impact

As an innovator, you must understand the innovation economy and how your creative work will affect you personally and professionally. The innovation economy, often characterized by rapid  and digitalization, is emerging as a powerful global force. It represents a shift from traditional industries to more knowledge-based ones, where ideas, innovation, and intellectual capital drive economic growth. The significance of the innovation economy is paramount in today's world. It fosters creativity and entrepreneurship, propels job creation, and is a potent weapon against economic stagnation. As we navigate through the 21st century, understanding the mechanics of the innovation economy becomes increasingly crucial, as it has the potential to redefine our societal structures and shape our future. Redefinition of Value in the Innovation Economy The innovation economy has radically redefined value, moving beyond traditional metrics. Previously, tangible assets like real estate, machinery, and raw materials were the primary indicators of a company's worth. Today, intangible assets such as ideas, innovation, and intellectual capital form the cornerstone of economic value. For instance, consider how companies like Uber and Airbnb have revolutionized their respective industries. Uber, owning no cars, became the world's largest taxi service, while Airbnb, owning no real estate, transformed into the biggest accommodation provider. These companies underscore the power of innovative ideas, turning conventional business models on their heads and redefining value in service, convenience, and user experience. This seismic shift represents the crux of the innovation economy, where value is derived from what we can see or touch but also from the novelty and utility of ideas. Innovation Economic Definition The key difference between innovation and traditional economies lies in their value drivers. Traditional economies focus primarily on producing goods and providing services, with value driven by physical assets and manual labor. This model often relies heavily on established procedures and practices, with less emphasis on novel ideas or strategies. Traditional economies are slower to adapt to change and are characterized by steady, . Contrastingly, the innovation economy is dynamic, adaptable, and agile. It prioritizes knowledge, creativity, and intellectual capital above physical assets. It's characterized by rapid technological advancements and the continuous evolution of ideas. Growth in an innovation economy is exponential rather than linear, with new markets and industries emerging at an increasing pace. In an innovation economy, the flow of information is critical. Thanks to the digital revolution, ideas and information can be shared instantly across the globe, leading to faster innovation cycles. In this context, technology is not merely a tool but a fundamental driver of economic value. To realize the impact, the innovation economy places immense importance on entrepreneurship. Entrepreneurs, with their inherent risk-taking ability and penchant for , are at the heart of this new economy, often leading the way in creating new industries and reshaping existing ones. Innovation Economy is Changing the World The innovation economy is driving monumental changes across the globe, reshaping industries, altering labor markets, and revolutionizing our daily lives. One of the most vivid examples is the transformation within the retail industry. Traditional brick-and-mortar stores faced disruption with e-commerce giants such as Amazon and Alibaba. They harnessed digital technology, big data, and customer insights to create personalized shopping experiences, making shopping more convenient and efficient. Another industry that's been dramatically altered by innovation is transportation. Tesla, with its electric vehicles, is not just an automotive company; it's a vanguard in the energy industry. By marrying technology with sustainable energy, Tesla...

Understanding the Innovation Economy and Its Impact on Our World

Steve Jobs once said, "Innovation distinguishes between a leader and a follower." But can it distinguish between a successful business and a failure? The answer is yes. In this age of cut-throat competition, innovation is key to your success and survival in the market. However, the million-dollar question is how to  to turn them into personal and professional success. We understand that turning your passion for innovation into a business can be challenging, but it's not impossible. I will share my lessons learned and insights on identifying and monetizing your innovation skills without sacrificing the soul of your creativity. Ways To Monetize Your Innovation Skills It's important to understand that there is no one-size-fits-all approach to monetizing your innovation skills. There are myriad ways to turn your creativity into a profitable venture, and the best method depends on your strengths, your market, your innovation reputation, and what you're passionate about. Let's explore some of these diverse strategies to help you identify the path that best suits your innovative spirit. As An Employee One of the most direct ways to monetize your innovation skills is to become employed in a role that values and rewards innovation. This could be in a tech startup, a research and development department of a large corporation, or any company that prioritizes ingenuity. As an employee, you can negotiate a salary that reflects your creative potential and ability to drive the company forward.  The additional benefit is that if the company is known for innovation, you can establish your credentials and credibility faster than on your own. While I was innovating products throughout my career, my work as the Chief Technology Officer at HP helped me build my profile as an innovation expert. My work at HP gave me a source of funding and resources to nurture my ideas and bring them to life. The result was ten years of creating new and innovative products that are still in use worldwide. As A Consultant Another lucrative avenue is to offer your services as an innovation consultant. This involves helping organizations identify areas where they could innovate and provide solutions. As a consultant, you can charge a fee for your services, and there is potential for substantial earnings, especially as you gain experience and recognition in the field. The challenge in today's environment is that innovation consultants have flooded the market. Therefore, distinguishing yourself as an innovation consultant requires a unique blend of skills, experience, and marketing strategies. One key aspect of standing out is demonstrating subject matter expertise. This doesn't mean knowing everything but specializing in a specific industry or innovation methodology. Becoming an expert in a particular niche can set you apart from the generalists. Next, your track record matters. People want to hire consultants with proven results. Showcase your past successes with case studies, testimonials, and references. Each successful project enhances your credibility and attracts more clients. Last, consider writing and publishing thought leadership articles on innovation-focused sites like . By sharing your insights and perspectives on industry trends and developments, you can establish yourself as an authority in your field. This boosts your visibility and builds trust with your potential clients. Joining An Innovation Agency Joining an innovation agency is another potential opportunity. These agencies focus on providing innovative solutions for their clients, often through creative problem-solving, , and technology. Working in such an environment allows you to collaborate with other innovative minds, and your earnings will typically come as a salary or project-based compensation. In my case, I founded one of the first innovation agencies - . Techtrend is a full-service innovation agency that supports its clients in creating innovations, technologies, and award-winning...

How to Monetize Your Innovation Skills

In today's society,  is often glorified and celebrated, while failure is viewed as shameful and something to be avoided at all costs. However, failure can be an essential part of the innovation process. Many of the world's greatest inventions and breakthroughs have come about due to failure. Why is failure a powerful catalyst for innovation? How can you turn a failure into an innovation that leads to success? The Importance of Failure in Innovation People often view failure as a negative thing, something to be avoided at all costs. However, without failure, there would be no progress. Failure is essential to learning and can provide valuable feedback and insights. When Thomas Edison was working on the light bulb, he famously said, "I have not failed. I've just found 10,000 ways that won't work." Edison understood that failure was an integral part of the innovation process and that every failure brought him one step closer to success. Walt Disney shared a similar perspective about failure. Disney was fired from his first job in a newspaper for "lacking creativity." Later, his first animation studio went bankrupt. Despite these numerous setbacks, Disney persevered. He learned from his failures and used them as stepping stones to create the Disney empire we all know and love today. Instead of deterring him, these instances fueled his innovation and drove him to produce some of the most beloved animated films. By  and seeing it as an opportunity to learn, you will be better positioned to innovate. Overcoming the Fear of Failure One of the main reasons people avoid failure is due to the fear of embarrassment or shame. However, it's essential to understand that failure does not reflect your abilities or worth. Every successful person has experienced failure at some point in their life, and what they do with that failure sets them apart. To overcome the fear of failure,  and viewing failure as a necessary part of the innovation process is essential. Instead of viewing it as a personal failure, see it as an opportunity to learn and grow. Consider the case of Google. They have created a separate division within the tech giant that encourages its employees to work on so-called "moonshot" projects – highly ambitious projects aiming to solve enormous problems using radical solutions. However, what sets Google apart is its perspective on failure. The organization celebrates failure, understanding that it's integral to innovation. They even have a "Failure Award" award given to teams whose projects didn't succeed but demonstrated valuable learnings. This approach mitigates the fear of failure among its employees and fosters a culture of innovation and creativity. By embracing failure and recognizing it as a stepping stone toward success, Google actively encourages its employees to take calculated risks, cultivating an environment conducive to groundbreaking innovation. Learning from Failure Once you've embraced failure as a part of innovation, it's important to learn from it. Failure can provide valuable feedback and insights that can help you refine and improve your idea. When something doesn't work, take the time to analyze why it failed and what you can do differently next time. This process of trial and error is essential for the innovation process and can help you create something groundbreaking. Many successful companies and products have emerged from learning from failure. For example, Apple's first attempt at a tablet, the Newton, was a massive failure. However, they learned from that experience and eventually created the highly successful iPad. Here are some steps to follow to review a failure and extract lessons learned:   Acknowledge the Failure: The first step is to acknowledge that a failure has occurred. Denying it or ignoring it will not serve your innovation journey.  Gather Information: Collect data and information about what happened. What were the circumstances that led to the failure? What was the expected outcome,...

How Failure Leads to Innovation

The creator and host of the award winning Killer Innovations Podcast is Phil McKinney.

Phil is an award winning innovator of technologies and products used by millions of consumers and businesses worldwide. 

He shares his rule-breaking approach to innovation and creativity in this podcast and his first book "Beyond The Obvious".

He has been credited with forming and leading multiple teams that FastCompany and BusinessWeek list as one of the “50 Most Innovative”. 

His recognition includes Vanity Fair naming him the “The Innovation Guru”, MSNBC and Fox Business calling him "The Gadget Guy" and the San Jose Mercury News dubbing him the "chief seer". 

For more information on Phil visit his blog at philmckinney.com.

Procrastinators Guide For Innovators

philmckinney

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