The Roles of Risk and Luck in Innovation

The Roles of Risk and Luck in Innovation

Innovation is often associated with risk and luck. While risk can lead to better-than-expected outcomes, uncertainty can also make decision-making challenging. To mitigate risk, innovators must focus on customer needs while systematizing innovation. By breaking down plans into smaller, manageable chunks and increasing the pace of innovation, companies can minimize uncertainty and increase their odds of success. Luck is a factor as well, but with determination, hard work, and smart planning, the role of luck can be reduced.

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More Innovation Resources:

Launching Idea Challenge 7 Easy Steps

Launching Idea Challenge 7 Easy Steps

Learn how to launch a successful idea challenge in just 7 easy steps, from aligning with corporate strategy to organizing marketing and communication.

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The ultimate guide to idea management on Microsoft Teams

Microsoft Teams, the most populated online collaboration tool, offers a perfect space for company-wide idea-generation enabling leadership to collaborate on a global scale with their employees.

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Framework for Challenge-Driven Ideation

Challenge-driven ideation is a top-down approach that empowers teams inside and outside of organizations to tap into diverse perspectives, generating ideas faster, more cost-effectively, and with less risk. It involves two directions: seeking ideas internally and externally through innovation management software that supports challenges as top-down initiatives and placing crowdsourcing campaigns on websites.

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