Nice comments on innovation, except that some are one sided: innovation needs both small efforts and large picture views. The 70/20/10 rule is on the conservative side and does not work all the time. Sometimes you need put down 100% upon reading market rights or upon initial building up of things.
Think SmallPeter Drucker once wrote, “Effective innovations start small. They are not grandiose.” He’s right.
Innovation is Combination. There were plenty of digital music players around when Steve Jobs launched the i-Pod, but Apple combined player with i-Tunes, which made content both more accessible and palatable to music companies.
Passion and Perseverance Are Key. As I’ve said before, we’re not just competing in an information economy, but a passion economy. Game changing breakthroughs are love children, not test tube babies.
The 70/20/10 Portfolio: – You want to put 70% of your innovation efforts toward taking your competitor’s money by improvements and extensions.
– You want to put 20% of your innovation efforts toward taking somebody else’s money (often a customer or supplier) through adjacent growth and expansion.
– You want to put 10% of you innovation efforts toward creating something new and cool.