Have you ever experienced the thrill and satisfaction of building something new from an idea or inspiration? Have you ever taken the risk of trying something new? The “10 Rules for Strategic Innovators” will increase your success rate and confidence in starting to work on that next innovation.
I promised to continue sharing some of the great ideas that come from my summer reading in an earlier post. This post is about 10 Rules for Strategic Innovators, by Vijay Govindarajan and Chris Trimble. (Actually, I forgot to include this book in my original list.) This book is for anyone who has started a new venture, division or business inside an established business or, as the authors would say, strategic experiments that target untested markets.
I saw author Chris Trimble at one of my favorite, must-attend conferences, the Association Digital Now in Orlando (see my earlier post). You can watch highlights from that speech by clicking this link. What I really liked is the way he put innovation in an understandable context. He explained why it is critical to growth and why it often fails. The book outlines how to increase your chances to make innovation successful.
Here are my Cliff Notes and takeaways:
Innovation is the flip side of efficiency: Organizations should seek a balance between the two. This is similar to a common condition we find as CPAs — the quest for efficient operations and cost control versus the focus on top-line (revenue) growth. The book focuses on the latter and makes the case that it shortens the path to profitability. Having experienced the challenges that come from starting a new business inside a successful, established one, I can say these skills would have helped significantly. The three fundamental challenges of executing a successful innovation are:
Here are the 10 rules for strategic innovators that will speed your “path to profitability”:
“The limits to innovation have nothing to do with creativity, nothing to do with technology. They have everything to do with management sophistication.” Ray Stata, chairman ADI
Chris finished up his speech with these thoughts:
“My hope is that you will experience the thrill of a new inspiration, a new idea. Experience the satisfaction of the sweat and hard work in bringing that idea to life.”