The Best Tools to Derisk Innovation

The Best Tools to Derisk Innovation

Innovation is vital for companies to stay competitive, but it is also extremely risky. To minimize risk and increase the chances of success, there are various tools available such as crowdsourcing, crowdfunding, open innovation, and business model tools like hackerspaces and Uber-style companies. While implementing these tools can be challenging, their success stories can be learned from and emulated. By managing risk and using the right tools, companies can increase their chances of success in innovation.

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More Innovation Resources:

Why calendars are the real barrier to innovation

The calendar is the most insidious barrier to innovation as it limits thinking and planning around results, scheduling time with innovation teams, and planning and budgeting expenditures.

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Default to Open

Organizations are shifting towards a “default to open” position, where information is restricted on a “need not to know basis”.

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The Four Forms of Crowdsourcing

The Four Forms of Crowdsourcing

Crowdsourcing comes in four forms: garden variety, distant expert sourcing, expert targeting, and force multiplying. Plan for life after the challenge, and rebrand failure as a valuable lesson.

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