How to Discern How Fast or Slow We Should Innovate

One thing that is very hard for leaders to determine is the proper speed of innovation. Jeffrey Phillips explains how to take into account factors such as driver shifts, business models and channels, replacements and substitutes and customer expectations in order to discern the strongest drivers of your business – and what that implies in terms of velocity of innovation.

The question isn’t “How fast or how frequently should we innovate?” but “Which of these drivers has the most impact to our business, and how do we align our innovation speed and frequency to that factor?”  You’ll need to innovate at least as rapidly as the major driver in your business, and if your business is impacted by several of these factors (and few aren’t), these factors have a multiplier effect when they are imposed simultaneously.

Stop thinking about how frequently or how rapidly you should innovate.  Your internal signals and decisions are too risk averse to give you good advice. There are plenty of external signals you can learn to read and interpret.

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