The Tandy Center for Executive Education and Leadership Presents The Three Great Myths of Innovation Dr. Ray Smilor Senior Fellow, CFE.

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Presentation transcript:

The Tandy Center for Executive Education and Leadership Presents The Three Great Myths of Innovation Dr. Ray Smilor Senior Fellow, CFE

Innovation: Any change that results in a new dimension of performance. Peter Drucker

Myth #1 Great innovations come from ideas that no one ever thought about before.

Reality Bisociation

The Power of Combination Company Innovations:

The Power of Combination Marketing Innovations: Beaver/TiresBridgestone Betty White/FootballSnickers GeckoGeico

The Power of Combination Product Innovations:

The Power of Combination “Imagination is more important than knowledge.” Albert Einstein Forced Relationships To view world differently To enhance imagination

Myth #2 Great innovations spring forth fully developed in a sudden Eureka moment.

Realities Trial & Error

Forms of Trail & Error By making mistakes “If you’re not making mistakes, you’re not trying hard enough.” Ewing Kauffman Key: Attitude toward failure

Forms of Trail & Error By recognizing creative accidents “What did you discover that you didn’t set out to discover?” Richard Feynman Key: Level of curiosity

Forms of Trail & Error By breaking accepted rules “There are no rules here. We are trying to accomplish something.” Thomas Edison Key: An open mind

Myth #3 Great innovations come from chaotic, even haphazard environments.

Reality Structure

The Forms of Structure Policies/Procedures Separate Organization Deadlines

The Results of Structure Caesar SaladApollo 13

Innovation: Combinations Trial and Error Mistakes Accidents Breaking Rules Structure Policies Organization Deadlines Companies Marketing Products CHANGECHANGE Performance!