With the news speaking of a coming financial decline in 2019 I’m reminded of the famous lines from Charles Dickens 1859 novel A Tale of Two Cities that I spoke once in London…
An excerpt from my 7th book, Driving Eureka!...
The Innovation Engineering community’s definition of innovation is precise.
MEANINGFUL in that it has an obvious value to the customer. That is, the idea is so meaningful customers would willingly give up their existing behaviors for it. Importantly, it is also instantly understandable as to “Why should I, the customer, care?”
UNIQUE in that it is a genuine original. It’s a non-obvious leap that doesn’t exist in the world. Often it offers a quantifiable advantage such that you can put a number on how much better it is versus the existing alternative, if there is one.
The Innovation Engineering System helps you accelerate Meaningfully Unique ideas TO MARKET. In contrast, other innovation systems are focused simply on the creation of ideas.
Ideas are important however 80% or more of innovation failure lies in the development process.With the wrong development system ideas can decline in market value by as much as 50% as they run into obstacles. With Innovation Engineering ideas actually grow in value by 28% during the development process.
To paraphrase Dr. W. Edwards Deming from Out of the Crisis. “The aim of this book is transformation of the style of management. Transformation of management is not a job of reconstruction, nor is it revision. It requires a whole new structure, from foundation upward. Mutation might be the word, except that mutation implies unordered spontaneity. Transformation must take place with directed effort. The aim of this book is to supply the direction. “
The “Crisis" Dr. Deming was referring to in the early 80’s was the unprecedented decline in sales and profitability experienced by the western world as a result of the advantage Japanese companies had in designing and manufacturing products with meaningfully higher quality and reliability.