Greg Satell: “The 9 Rules of Innovation”

These are the overview of The 9 rules of innovation defined by Greg Satell in his book. By following these rules, you can increase your chances of success in the innovation economy.

1. Innovation is never a single event. It is a process that takes time and effort.
2. Innovation is combination. It often comes from combining existing ideas in new ways.
3. First, ask the right questions. The best way to innovate is to start by asking the right questions.
4. There is no optimal size for innovation. Innovation can happen in small companies and large companies alike.
5. Leverage open innovation to expand your capabilities. Open innovation is the practice of using external ideas and resources to innovate.
6. Disruptive innovations require new business models. Disruptive innovations are those that change the way an industry works. They often require new business models.
7. Innovate the core — the 70/20/10 rule. According to this rule, 70% of your resources should be focused on improving existing products and services, 20% should be focused on adjacent markets, and 10% should be focused on completely new markets.
8. In the digital age, we need to use platforms to access ecosystems. Platforms are the foundation of the digital economy. They allow businesses to connect with customers, partners, and suppliers in new ways.
9. Collaboration is the new competitive advantage. In the innovation economy, collaboration is more important than ever. Companies need to work together to share ideas and resources.

Here are some additional tips for innovating:

• Be persistent. Innovation takes time and effort. Don’t give up if you don’t see results immediately.
• Be open to failure. Failure is a part of the innovation process. Don’t be afraid to fail, and learn from your mistakes.
• Be creative. Innovation requires creativity. Don’t be afraid to think outside the box.
• Be willing to take risks. Innovation often involves taking risks. Be willing to take risks in order to achieve your goals.

By following these tips, you can increase your chances of innovating and succeeding in the digital economy.