Innovation Week in Review – Oct 23, 2010

Friday research issue: Real-time market data not market research!

Most of my twitter community seemed to approve of these themes. A couple sharp readers noted The Gap as perhaps a counter-example

I attended the annual PDMA conference last week and delivered two papers on innovation. I will likely have more to say about the conference in the weeks ahead, but one observation – the Just Do It! theme of innovation was prominent. Internet innovation is influencing all product and service innovation.

These themes are expressed in numerous ways:

  • “many crummy trials beat deep thinking” – #Fogg 2008
  • “The cost of trying is lower than the cost of analyzing” #Shirkey
  • “If you are not embarrassed by your first release, you waited too long”
  • The theory of Effectuation- entrepreneurship theory (one of my papers) – Sarasvathy

Effectuation (Sarasvathy) is a prescription for innovating when the risk is unknown and unknowable. Four key steps:

  1. Affordable loss – limit your maximum exposure and enter the market
  2. Strategic alliances – partner to share knowledge and reduce exposure
  3. Exploit contingencies – act and learn!
  4. Control future – don’t predict the market, shape it!

I mentioned effectuation once before:

Effectuation is similar to “Probe and Learn” and Skunkworks paths for innovation.

I am planning another posting just on effectuation

Another variation this theme is “Agile Innovation” – bringing the rules of agile and extreme programming to products and services: rapid innovation, constant user input, quick changes, changing ahead of documentation…

Another interest of mine is how SM can aid these experiential innovation processes.

I will be writing more on these themes in the weeks ahead!

Other stuff of note this week:

Social Media Marketing

ROI… RT @ckburgess Excellent collection of 34 case studies that prove social media is profitable: ROI – SMROI @JohnNosta

How did Starbucks boost their revenue 18% in 2008? They engaged in social media channels. StarbucksSM RT @HubSpot:

Innovation in Education  

Murdoch on Ed reform: If Schools Were Like ‘American Idol’ . . . EDbyFox #WSJ

This entry was posted in Co-creation or User collaboration, Customer Research Methods, experiential innovation, Experiment, NSD Process, Social Media Marketing. Bookmark the permalink.

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