From Bankruptcy to Industry Leading Success – The LEGO Story

From Bankruptcy to Industry Leading Success – The LEGO Story

LEGO's success story is an example of how low risk innovation can lead to success for any company, regardless of budget or size. They turned to their fans for inspiration, hiring adult fans to join the design team and crowdsourcing new toy kits. They also opened up an online portal to generate new product suggestions through user input. Within their factories, they embraced rapid prototyping, throwing products into the market and getting feedback from consumers. These strategies helped LEGO climb out of a $300 million loss in 2004, restructure, and become the most powerful brand in the world in 2015. These low risk innovation strategies can benefit any company, whether a cash-strapped startup or a Forbes 500 firm, and are detailed in the book Innovation Tools.

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