Innovation is one of those buzzwords that gets bandied around a lot – too much if you ask me – and is far more easily said than done.
This week, I was fortunate to spend half an hour talking innovation with Tim Kastelle, Associate Professor of Innovation and Evolutionary Economics at the University of Queensland.
Since graduating from Princeton, Tim has become recognised as one of Australasia’s foremost thinkers in innovation. If you’re interested in the area, I’d highly recommend taking a look at his blog at http://timkastelle.org.
Here are a few key outtakes from our conversation:
- Innovation can be defined as “executing new ideas to create value”. The key words here are ‘executing’ and ‘create value’. Innovation is not just the creation of ideas, they must be put into practice. Equally, these ideas need to provide a tangible benefit.
- “Whoever tries the most stuff, wins” – innovation is an experimental approach to doing business. Failure is essential. If you’re not failing, you’re being too conservative.
- Having said that, fail fast, but fail cheap.
- Minimum Viable Product (MVP) is a key part of the innovation process. Think of MVP as a means of learning.
- When implementing innovation, C-level execs often recognise how innovation may lead to growth, and customers can see the problems innovation would resolve. The challenge is often convincing middle management of the value.
- Innovation within a business is very much a cultural thing. You need 10% of employees to buy into a change to make it happen.
- Startups: at about 20 employees, innovation breaks as the company becomes systematized. A culture of innovation is required to maintain momentum.
Plenty to think about and plenty more to read on Tim’s blog.
What are your biggest challenges around innovation?