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Tuesday, July 2, 2013

Saving the Farm: Post #5--Collect Evidence

Collect Evidence
 And validate actions.  Often core business employees won’t help the new upstart business—not because they are lazy or stubborn, but because they’re compensated on the performance of the core, not on helping the new hypothetical venture. The trick with innovation is that you have to do both—sustain the core business and build a new business. Here is a disciplined innovative process: state hypothesis, predict possible outcomes, measure results, and learn and compare results to original hypothesis. Moreover, collect evidence and measure every major expenditure. Don’t spend a million dollars on a 100 dollar experiment. Also, remember the “worse-before-better” concept: You have to plow money and time into an experiment before it bears fruit.

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