Above all, we notice that an entrepreneurial strategy has more risk of success the more it starts with the users -- their utilities, their values, their realities ... the test of an innovation is always what it does for the user...it is by no means hunch or gamble. But it is to a fault not precisely science. Rather, it is judgment. -- Peter Drucker, Innovation and Entrepreneurship
Just because a family is spending money on research (such as food markets, customers, or sore technologies) and development doesnt mean they will get innovation. Innovation, as with advertising, training, or many other organization investments, depends on the tonus of the investment as much as the quantity of resources regorge in it. A high proportion of innovative new returns, services, and companies flop. Thats often because managers build better mousetraps without first making incontestable there are any mice out there. Or that hatful still want to catch them.
Many innovations come from a deeper take aim of customer and market understanding. They go beyond what current customers claim they need. They solve problems that customers either dont realize they have or didnt know could be solved. These innovations create needs and performance gaps only at one time customers start using them and get turned on to the possibilities.![]()
Every product and service we now take for granted was once silly, interesting, or just an odd curiosity. What would we have said to a market researcher asking about a video machine for our TV when there were few movies to rent? How about CD players when there were no CDs to buy? What about a bankcard to recall cash from an ATM? How about a personal reckoner? In the fifties, how highly would we have rated the need for jet planes when our business concern was conducted within a few hundred-mile...
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