Innovators: Beware the Hindsight Bias

Innovators: Beware the Hindsight Bias

Hindsight bias, also known as the knew-it-all-along effect, can lead to poor judgment and overconfidence when making decisions. It causes people to view past events as more predictable than they actually were, leading to a distorted memory of their initial thoughts. To avoid this bias, make decisions based on data and expert advice rather than personal predictions. Remember that the future is unpredictable and not everyone can be right. Always have a plan of action and be honest about the potential outcomes.

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Diminishing law of innovation returns and the problem with "better"

The diminishing law of innovation returns suggests that trying to improve products in the same way as competitors eventually becomes irrelevant. Companies must find new ways to innovate to stay ahead.

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Openness Verses Intellectual Property

Innovation experts at 100%Open challenge the traditional notion of protecting intellectual property (IP). They propose a system of openness where patents and ideas are shared for mutual benefit.

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How customer instinct can help you innovate

Developing customer instinct can lead to successful innovation. Traditional market research may not yield the desired results, and new methods, such as observing and ethnography, should be explored. Customer relationships should be fostered, and lead users and emergent customers should be targeted.

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