Costs of innovation must be weighed against standing still

When faced with the decision of whether or not to invest in an innovative idea, managers often measure the cost of the incremental investment. That is, the cost of investing in the innovation which is above and beyond current operating costs. However, the error in this analysis is that it doesn’t take into account the…

Rise of social media yields significant implications for innovation

  The rise of social media provides significant opportunities for innovation. Would-be innovators are able to gather input and feedback about ideas by simply monitoring Facebook, Twitter, YouTube, various blogs and online communities. Literally thousands of sentiments and reviews are available for the innovator to mine, learn from and leverage. Need to understand how people…

New-age communication devices can hamper innovation

I often wonder how history will judge this era in which we find ourselves. In a time when there has never been so many ways to communicate with each other, will we look back and say that we really took advantage of all the tools we had to be more innovative? Or, will we see…

New innovators can learn plenty from the artist community

As creativity is a key component of innovation, would-be innovators can learn a great deal by studying the skills of an artist. One of the hallmarks of an artist is a keen ability to properly and efficiently utilize resources to create art. Take a sculptor for example. The sculptor utilizes clay or stone and sculpting…

Doing something new and different can spark creativity

Neuroscience is now supporting something which creative people have long understood: New experiences are a pathway to creativity. It seems our brains, and therefore our patterns of thought, get in a rut when we live each day like the last. Doing something new causes the brain to “jump off of its usual track” and expand.…

Baby Boomers present plenty of opportunities for innovation

The needs of the aging Baby Boomer generation will create significant opportunities for innovation. Unlike their parents, boomers will not slip quietly away into old age. Instead, they will reshape what growing old looks like and in the process define the new needs of the elderly. The roar which boomers have made at each stage…

Innovation requires unique leadership skills for real success

While good leadership is important in any endeavor, leading an innovation group is different from leading other areas of an organization. The right leadership of an innovation group can make the difference between organizations which successfully innovate and those which do not. I have seen innovation departments fail when being led by those who were…