David vs. Goliath Innovation Smackdown

“Small businesses are nimble and bold and can often teach much larger companies a thing or two about innovations that can change entire industries.” - Richard Branson

In an article for Entrepreneur magazine entitled “5 Ways Small Companies Can Out-Innovate Big Corporations,” Steve Sponseller demonstrates how innovation isn’t just for the big guys. In fact, smaller businesses may have the advantage when it comes to innovation.

According to Sponseller, the innovative advantages of small businesses include agility, responsiveness to opportunity, collaboration, alignment, and measurement.

How to Innovate With a Reality Distortion Field

"What if we could beat IBM?" "What if we could colonize Mars?" These are voices from the Reality Distortion Field.

Certain innovative leaders seem to have an aura around them that bends reality so that anything becomes possible. Steve Jobs was such a leader. Elon Musk is another. In the early days of Apple, this phenomenon was dubbed the “Reality Distortion Field.”

Those who enter the Reality Distortion Field begin to believe that impossible things really are possible, and soon, they find themselves doing them.

Why You Need to Innovate Your Business Model

Ask anyone to name the most valuable innovation that comes to mind, and the answer will likely be a product. However, the best answer could be a business model.

Innovation is the practice of exploiting change in order to create a new business, a new service, or a new market. Although innovation is often described in terms of new products, one of the most fruitful sources of innovation is business model innovation.

Wharton professor Raffia Amit describes the many benefits of business model innovation in an interview entitled, “The Latest Innovation: Redesigning the Business Model.” He

Why Innovators are Not Risk Takers

Innovators are often depicted as reckless risk takers–rolling the dice, or betting the farm, while skydiving over the Himalayas.

In his classic book, Innovation and Entrepreneurship, Peter Drucker portrayed good innovators as mindful, methodical, and maybe even a bit boring. Risk takers, yes, because life itself is risky for everyone to a certain extent. But not reckless.

Innovation is thoughtful and systematic work. It involves searching for opportunities, and then exploiting them in an orderly way, to create a new product, a new service, or a new market.