What is an Innovation
Step 3 *ASK QUESTION*
WEIGHT: A) Calculate Averages B) Weight / turn each data set into a percentage C) Add Scores together*?* D) Compare 5's, 6's & 7's
Cycle 1 Video Title
What is an Innovation?
If you're not meaningfully unique
You's better be cheap
If your skills & abilities are so meaningful & unique
Companies are willing to hire and promote you
Why does innovation matter to companies?
Compared with other strategies (low cost; quick delivery; voice of customer; high quality), Innovation delivers the highest profit
Jstor Scale
0-10 Scale Rating
Who are innovations meaningful to?
1) It matters to the customer 2) It matters to the organization providing the innovation 3) It matters to the leader of the innovation
What Measures are most predictive of an ideas commercial success?
1) Overall LIKE and purchase intent 2) How new and different it is to them
Jstor ratings of 5,6,7
5 Above Average Innovation; 6 Good Innovation; 7 WOW Innovation
Step 2
ASK: How likely to buy; How new & different (using Jstor Scale)
Simple Language Definition of Meaningfully Unique
An idea so meaningfully unique others would be willing to invest their time & energy in helping you AND so new to the world that it's patentable AND you have passion for it AND customers are willing to pay more $ for it
Irreverent Definition
Doing cool shit that matters
Sub Skill A
How to know an invention when you see one
Continuous Innovation
Interrupts the typical Business Life Cycle and creates ongoing growth
Left Brain Definition of Innovation
Like / Purchase Intent + New & Different
Meaningful
Meaning; Purpose; Value; Significance
Right Brain Definition of Innovation
Meaningfully Unique
Unique
Novel; Unusual; Provocative; Unexpected
Creativity
Originality
Innovation
Productive Imagination - Making Ideas Real for a Purpose
Innovation
Productive Imagination; Positive Change; Ideas for Working Smarter; Making a Difference
This 3 Step Process enables
Risk Adjusted Forecasting
Step 1
SHOW: a rough concept that explains idea
Invention
Technical Creativity
Why is being able to identify, how big an innovation is, important?
To know if the change is worth doing; to know if a Company is worth working for; to know if you should invest in a company; to know if it's a cause worth volunteering for; and it helps grow your ability to get a new or better job
