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
#thesmilingstrategist #innovation #freelancestrategy #freelancestrategist #freelance #gregsatell
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Author: ROMA SINGHAL
Roma has spent over 15 years as Brand, Design and Digital Strategist carving disruptive and impactful strategies for blue-chips brands at marketing advertising organisations such as American Express, Ogilvy, Publicis Groupe, McCann, BBDO and more in Sydney, Singapore and Mumbai covering Global, AUNZ, ASEAN and India markets. She has planned and launched insightful and effective campaigns for a diverse clientele, spanning across various industries and brands.
Her works have been awarded, one of them being The EFFIE Gold for Cadbury. She was also chosen as the first round judge for EFFIE Australia 2019.
Last few years, she has been experimenting with her entrepreneurial spirit, having launched three planning initiatives, 1. THE SMILING STRATEGIST (www.thesmilingstrategist.com), a freelance strategy initiative working across a variety of brands and industries in a highly collaborative set-up; 2. SELFCONCEPT (www.facebook.com/selfconcept123), a self-awareness platform gathering true human insights, where training from Mind Master Tony Buzan on Mind Mapping techniques helped her think divergently; 3. ROYALE ARTISAN (www.royaleartisan.com), an online artisan gift store, which she has founded to give back to the talented rural artists.
In her free time she drives her humanitarian initiatives, tries her mind at poetry, plays the guitarlele and experiments with acrylic painting on square shaped canvasses. A lover of philosophy, she is working everyday to become a better human being.
To start a conversation please e-mail her at romasinghal@brandself.net. Also join her page on Linked-in @ https://www.linkedin.com/company/romasinghal-thesmilingstrategist/ for strategy tips.
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