Lessons from Lego: Low risk innovation tools for everyone!

Lessons from Lego: Low risk innovation tools for everyone!

LEGO's success story can be attributed to their low-risk innovation strategies which saved the company from bankruptcy in 2004. By restructuring, hiring a new CEO, and introducing more licensing partnerships, LEGO managed to turn things around. One of their key strategies was embracing their creative fan base for design ideas and developing open innovation policies through the LEGO Ideas portal. They also employed rapid prototyping techniques and embraced new trends in knowledge sharing and software delivery. The book Innovation Tools outlines these successful techniques and explains why innovation is important for businesses.

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