We’ve heard of the 80-20 Pareto rule, but what about the innovation rule? ⚡️
To do this, as Mapping Innovation (McGraw-Hill, 2017) author Greg Satell puts it in one of his Inc. blogs, we have to do three things: continuously refine, reform and re-invent the products we are famous for; constantly apply what we are already good at to different contexts; and more relevantly, proactively chase problems that need a solution nobody has yet asked for.
To do the latter, we need to follow the 70:20:10 rule, which is a more refined version of the above.
The 70% part of the rule is fairly simple to understand and follow. It involves you or the organisation you work for doing what all good innovators need to do: engage in a process of continuous ongoing improvement.
The 20% part of the rule involves you doing the same thing, but in other sectors or adjacencies (for example, Amazon taking what it learned from selling and delivering books into the worlds of electronics, groceries, hardware and so on).
The 10% part is all about tackling challenges that few people yet see as challenges or new opportunity streams – traditional business behaving like an innovator or entrepreneurial start-up.
Source: The Future Laboratory
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