Next, dimension, very important, very important.
There is a big difference, in general,
between radical innovation and incremental innovation.
So on that continuum, where do you think you fall?
So radical innovation tends to be this concept of huge breakthroughs, right?
We're going to invent entire new categories, either technically or
from a market perspective.
Stuff people just don't even understand today, right?
So these kinds of breakthroughs are very high risk, and
they also have huge upside potential, right?
There's just huge potential for sales and profit.
And you're launching gigantic upsides in your own personal growth of net worth,
or in a corporate setting these are going to be comes billion dollar type
sales divisions.
One thing that is very important to point out there is that
these are brilliant ideas and in the newspaper headlines,
that we all read about, we say, yeah, I want that.
That's the kind of innovation that we want and senior management wants that or
the garage entrepreneurs to want that everyone wants that.
What's very important to do is to think in your heart a little about that.
And realize that in almost every single case,
or every single case, the road is littered with all kinds of failures.
All kinds of bankruptcies,
all kinds of corporate projects that are total failures.
And in hindsight people said why on earth did we think we were going to do that?
That's a ridiculous idea.
So for every one success,
there's certainly 9 or maybe 99 failures that are going on.
And one thing that might help you on this dimension is,
this is the go big or go home.
You don't mind risk.
We're going to be huge, or we're being nothing.
And that's completely fine.
But it will set up your innovation system to throw away a lot of small ideas.
And it'll also set you up overall, for failure statistically.
You have a much higher chance of failure, but if you do succeed you're looking for
those ideas that can be very brilliant and very novel to the world.
At the other extreme is incremental innovation.
Now when people really search their hearts, as senior managers or
garage entrepreneurs.
Most of them are working on incremental to a large extent.
Especially more in the corporate environment.
They don't want the home runs or the grand slams.
They're very happy with few base hits.
Some nice little incremental innovation that's going to bring some new sales,
open up a new region, open up a new market niche.
And they're not really willing to take a lot of risk, a lot of time and
a lot of money that may fail.
So keep that in mind because it's a very good orienting dimension.
It's interesting which one you are interested in.