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

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

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

6. Reality Bisociation

7. The Power of Combination Company Innovations:

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

9. The Power of Combination Product Innovations:

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

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

12. Realities Trial & Error

13. 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

14. 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

15. 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

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

17. Reality Structure

18. The Forms of Structure Policies/Procedures Separate Organization Deadlines

19. The Results of Structure Caesar SaladApollo 13

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