I watched on YouTube Jeremy Gutsche, an excellent speaker on innovation and future trends. “Failure is experimentation.”, says Jermy Gutsche. A decent proportion of your creativity must fail; because id you don’t fail you become the best. He gives example of Smith Corona, a typewriter company that failed to innovate with the trend and is now obsolete after staying on the top for many years.
He further clarifies that successful organizations innovate to ‘optimize’ position on their hill of opportunity, but to later discover bigger hills of opportunities that it failed to envision. According to him the real problem being good keeps you on your hill of opportunity and stops you from seeing new ones. In order to see future big hills of opportunities, one must not fear of experimentation or failure in this process.
He also talks about how to package the message or product. Example he uses is of Josh Bell who plays $3.5 million Stradivarius violin earning $1,000 per minute during concerts, and when performing at a railway station earns $35 only. Jermy suggests to find out what specifically are we trying to do and describe in 7 words or less. And these should be simple, direct and supercharged. You will certainly enjoy the talk and will learn from it.
How to spot opportunities or future trends? I must say through innovation. And innovation will happen through lots os experimentation to improve processes, efficiency, productivity, quality, market share and human thinking.