Innovation Management - Measuring Failure!

Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.

There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.

However, one of the most important aspects of the above process is dealing with failure. This is important as most innovation attempts result in failure and many, many more ideas require reengineering, remodelling or rethinking before they can tread the path to success.

There are a number of benefits of failure, including:

a) Valuable competencies are learned. Ridley Scott had a commercial failure with Blade Runner but went on to make some of the most successful films of all time.

b) Valuable customer needs are established. Often user needs are inadequately analysed but come into sharp focus when a product is in market and not selling.

c) Technical competencies are established. A firm may learn exactly what technical deficiencies it has when a product fails to materialise in the desired form.

d) Cultural or emotional obstacles may come into sharp focus. The metric system is not used in the USA but dominates throughout the rest of the world.

These topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com.

You can also receive a regular, free newsletter by entering your email address at this site.

You are free to reproduce this article as long as no changes are made and the author's name and site URL are retained.

Kal Bishop MBA is a management consultant based in London, UK. He has consulted in the visual media and software industries and for clients such as Toshiba and Transport for London. He has led Improv, creativity and innovation workshops, exhibited artwork in San Francisco, Los Angeles and London and written a number of screenplays. He is a passionate traveller. He can be reached on http://www.managing-creativity.com

More resources:

RELATED ARTICLES

How to Reduce Temporary Employee Turnover
The use of temporary services to stock a farm of employees is beneficial in a number of ways for an employer, and detrimental in others; but the one that will always be heard is that good labor is hard to find when using these services.This is a very real and expensive reality for some, and the blame always falls on the employee.

Innovation Management - forced into it!
Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation.

Leadership Style: What Makes A Good Boss?
In today's competitive environment, companies realize that a good boss is one who can identify and build on the talents of the staff and knows how to retain top performing employees. Take this quiz and see if you are a good boss.

Profits and Business Success - 5 Profit Traps to Watch Out For
The old saying 'You have to spend money to make money' can be a dangerous one. Every business has it's costs, but not every business owner takes the time to distinguish between what is an essential expense, and what is a 'nice to have' expense.

Build Your Business (On A Shoestring): Hire a College Intern
Starting up a new venture or business can be one of the most exciting times of your life. It can also be one of the most stressful.

How to Fire an Employee
One of the most difficult tasks you will face as a business owner will be firing employees. Employees who consistently break the rules, do not perform the functions of their job, or cause difficulties for your business can be a strain on the work environment, your cash flow, and even disrupt your business from thriving and performing as expected.

To Meet or Not to Meet - What are the Questions?
Meetings can be a total waste of time or a powerful and productive communication tool that solve problems, stimulate ideas, promote team spirit and generate action. The results lie totally in how they are run.

3 Ingredients of Highly Profitable Organizational Change
As waves of organizational change sweep across the business landscape, a huge question arises: What must a leader do to make sure change produces highly profitable results?To find out, I uncovered exactly what executives did who planned and implemented organizational change that produced $10-million - $1-billion in profit improvement.I discovered that highly profitable organizational change requires three key ingredients.

Are you NICE or do you CARE?
Are you NICE or do you CARE? Most people and most managers want to be nice. After all, it's easier to be nice than to not be nice.

Succession Planning? ... Not on My Watch!
At first blush, it would appear there is no shortage of Succession Planning Advocates convinced in theory, the importance and benefits of corporate Succession Planning. In practice, however, real succession planning - or the overt lack thereof - runs juxtaposed to principle.

How to Reject a Job Applicant
A Nightmare That Really HappenedOver 10 years ago, when I worked as a manager at a major corporation, I received a call from a headhunter about a magnificent job opening. It sounded like the perfect job for me.

25 Great Ways to Find the Right People and Not Break the Bank
Are you trying to hire dozens of hourly workers or a senior executive? Where do you look and how do you get the word out? There are many ways to find the right people besides placing want ads.Here are 30 innovative and inexpensive ways to expand the pool of potential applicants.

Offshore This! (Outsourcing Tech Support Overseas)
So I call my telephone company and someone picks up 15,000 miles away. I asked the rep where she's from.

Management & Leadership - Doing it right in the 21st Century
The Old Way - Command and ControlAlthough workplaces and management styles have come a long way in the last decade, the command and control style of management remains common practice in many companies. This management approach basically means that employees are told exactly what to do, when to do it and even how it should be done.

Satisfied Employees, A Powerful Marketing Strategy
Even in today's still uncertain economic times, there are companies who are doing extraordinarily well. Why is it that some companies are thriving while others are barely making it? You can always blame the economy, but is that the only reason? The answer could be as simple as how respected and appreciated your staff feels.

Creativity and Innovation Management - Money Doesnt Do It
Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas.

Time-Wasting Problems - One Question to Move You Forward
In any organisation, progress is frequently impaired by the time taken up to resolve problems that occur again and again - usually with people's performance (or not!). At a macro level, there could just seem to be 'lots of problems', which is a symptom in itself.

On the Road to Assertiveness
Learning to be assertive takes time, courage and the ability to recognize the situation for what is really is.You want to get something done, and you need another's help.

Popular Business Misconceptions Cost You Money!
Faulty information costs you money! Which of these popular business misconceptions do you believe?Popular Misconception #1: "We Only Need Our Books Done Once A Year For Tax Purposes." Are Your Accounting Records Adequate To Run Your Business?Although it is important to keep records for tax purposes, it is not the only reason (or even the primary reason) good accounting records should be kept.

Terrible Meetings - Ten Ways to Spot Them!
Sometimes, better than giving advice about how to run things well, it can be useful to have a hit list to notice to help you identify when things are less than productive. Meetings can be hugely productive, especially if you keep a sharp eye out for these Ten things:-No AgendaWhen there is no agenda, there is no opportunity to prepare, no framework for the meeting and no purpose.