Momentum is the product of mass and velocity: greater the momentum, greater the impact. For highest impact, highest possible mass and speed are needed. For organizations and markets chasing highest impact from innovation, greatest change ( mass) needs to happen at fastest speed ( velocity). Unfortunately world can handle neither.
Typically innovation starts at fringes. Main stream innovation is too much disturbance and can rock the boat. Another reason for this is the sheer resistance to change from various stakeholders. Status quo over time would have created and established ‘rent-seekers’ who wouldn’t like anything changed to their pension pots. since the rent seekers dominate status quo, the resistance posed by them to change is also massive. And that creates the exact opposite momentum for the innovation. Add the business vagaries /changing priorities/markets to the mix and one can see why the momentum is not high.
How to crack this conundrum?
- Perspective: Understanding the above dynamic is a crucial step to know the baseline.
- Passion and Perseverance: Two critical ‘P’s for any innovator whose importance cannot be overstated.
- People: Knowing the stakeholders ( including the ‘rent seekers’ ) and figuring out/articulating ‘what is in it for each of them’, from the innovation.
- Pareto’s Principle: Identify and focus on the 20% of the market that can create 80% mind share
- Proof : Believing in innovation is different from proving it to others. Make sure the numbers and results justify the pain of change and make it the ‘right thing to do’.
Instant gratification digital economy has convinced everyone that all changes are fast. Ordering a cab on a mobile app and DNA sequencing/gene editing cannot be at the same pace. Fundamental/Tectonic shifts happen over longer periods but the impacts are also significantly higher at higher mass. Size of resistance is a proof of size of change and the size of benefits!!! Contrary to popular opinion, speed may be secondary.
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