The Economist has a special report on innovation in the Oct 13-19 issue. Good food for thought!

A few things I took away …..

  1. “A lot of innovation is anti-Six Sigma. You want a lot of variance,” says Tim Brown, head of IDEO. It’s hard to measure innovation. And you can’t measure it by looking at the number of patents issued to a company each year.
  2. “Creativity is maybe 2% of the innovation process.” – Larry Keeley of Doblin, an innovation consultancy.
  3. Turf wars impede “fast failing” — a quality and skill that’s needed in organizations that innovate well. Niklas Savlander, of Nokia, contributes that innovation requires that you be prepared to fail often and quickly recover from the failures.
  4. Silicon Valley is regarded across the world as the innovation hotbed. But Sergey Brin, co-founder of Google, insists “‘Silicon Valley doesn’t have better ideas and isn’t smarter than the rest of the world’ but it has the edge in filtering ideas and executing them.”

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