What is the 70-20-10 Rule of Innovation and How to Use It

What is the 70-20-10 Rule of Innovation and How to Use It

The 70-20-10 rule of innovation resource allocation, while not a hard and fast rule, has become popular among some of the biggest corporate giants. The principle involves investing 70% of resources in the core business, 20% in new developments, and 10% in new ideas. However, companies should tailor the ratios according to their own profile and needs. The benefits of using this model include systemic innovation, building innovation habits, and managing innovation as a portfolio. Challenges to the 70-20-10 model include finding the right ratios and managing risks pragmatically.

View

More Innovation Resources:

You’re Asking the Wrong Innovation Questions

Asking customers what they want in a product usually results in unsatisfactory innovations. Instead, ask customers what job they are trying to achieve and what metrics they use to evaluate how well the product helps them achieve their goal.

View

What is Technology Innovation Management?

Innovation management is crucial for companies to expand and remain relevant in the market. MIT ID Innovation provides courses to help individuals learn the necessary skills to manage innovation effectively.

View

How Entrepreneurs Can Profit from an Innovative Mindset

Innovation is crucial for business growth. It can improve customer satisfaction, minimize costs, and boost employee relations.

View