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Wednesday, July 24, 2013

Innovation Myths: Post #3--Challenges

Challenges for Innovation The author lists eight challenges: 1) Finding the idea; 2) Developing a solution (execution is tougher than good ideas); 3) Sponsorship and funding (getting someone to fork over money for an idea isn’t easy); 4) Reproduction (scaling up for profitability takes work);  5) Reaching customers (an idea becomes innovation only when people buy it); 6) Beating competitors (see how you can collaborate or compete); 7) Timing (is the world ready for your idea?); 8) Keeping the lights on (can you pay the bills while waiting for success?). Tough odds. If you’re still willing to read on, here’s a quote from Hans Solo that the author offers: “Never tell me the odds.”

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