David DeWolf on Systematic Innovation in Entrepreneur Magazine
The pace at which new products that disrupt markets is being released is truly remarkable. Today, the Ubers and Nests of the world are identifying unsolved problems and tackling them head-on to deliver innovative solutions that solve previously unseen problems. Innovation has truly transcended from being just a “buzzword” a few years back to becoming the currency of the modern economy believes 3Pillar CEO David DeWolf.
In an article penned recently for Entrepreneur.com, David makes some telling points on how innovation is being perceived and how companies ought to tackle it better to get optimum results. “Make Innovation Systematic and Never Again Ask 'Why Didn't We Think of That?'” emphasizes the need to make innovation a systematic process and outlines a mindset change that can help companies make innovation a sustained process instead of a periodic campaign.
In this article, David promulgates the thought that innovation should not be looked at as just a light bulb moment that goes off in the shower or be measured just in terms of a technological solution. Instead, he defines innovation as connecting the dots in a systematic manner, i.e. continuously collecting information, spotting trends, accumulating insights, and arriving at conclusions on how existing markets can be disrupted by solving a basic problem.
David believes that for innovation to happen it is important to combine business acumen and technological prowess. He outlines the following key capabilities that companies must look to develop to execute the process of systematic innovation:
- Diverse information gathering
- Creative analytical processing
- Deep technological understanding
- Tight cross-functional collaboration
- Broad product experimentation.
To get an in-depth overview of what these capabilities are and how can companies incorporate it, read the full article on Entrepreneur Magazine.