Innovation pitfalls

innovation-pitfallsInnovation is the main reason why business succeed. Why? Because innovation means change and if you embrace change, there’s more chance your competition will become obsolete.

But innovation has many pitfalls. The main three are:

1. Risk. Innovators must embrace risk. One has to take the decision not having all the cards in his hands.

2. Experience. Being involved in the same industry or the same company for several years is a formidable trap. Just take the time to think of the most innovative companies in recent years. How many innovations are “homegrowned”? Think of Tesla, Uber, Go Pro. Why leaders in these industries (IE. GM, Taxi Cies, Canon) are not THE innovators? Because we all live with paradigms!

3. The love at first sight. Falling in love with his idea or invention is probably the biggest risk that threatens the innovator. The later should constantly ask himself: Who will buy my product or service? How much is he (she) willing to pay? And more importantly, what problem I want to solve?

You recognize yourself in one of these situations? Get out of your comfort zone and dare to take a few more risks!

Patrick Sirois
www.triode.ca

At Triode, we specialize in developing new products and services for complex industries like medical devices and transportation. We work with you closely to help define product strategy, with an emphasis on reducing the risks associated with innovating in these sophisticated and often regulated consumer-oriented environments.


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