Innovation roadblocks that must be broken through

From Innovation excellence

There is the Edisonian myth that it took 10.000 tries to discover the incandescent lamp.  It is no way to run innovation these days.. We simply do not have the luxury to make that l0,000 tries.  Innovation has to made more efficient and faster.  Fustest with the mostest says Peter Drucker.

Drucker notes that it is a rigorous and disciplined process to innovate.

How to achieve the breakthrough:

l.  It is not just about ideas.  The focus is on solution to a problem.  So it does not matter whether it is 3 or 300 or 3000 ideas.  It is the solution that accounts.

2. It is not an event -  It is not a brainstorming or a new idea day. It is about solid improvement for the business product, process, or customer service to make it responsive and unique

3.  It cant be just  iPhone or disruptive new product.  It could be kaizen or incremental improvements on product or processes. Edison did not discover the light bulb;  he improved on existing discoveries on the light bulb

4.  R & D owns it -  Not true.  All employes across the board can innovate.

5.  It is out of reach  -  like the disruptive innovation of Clayton Christiansen of HBS.  Just anybody who puts his heart and understanding the business, and understanding that his primary responsibility is to improve himself and the business, then he can be part of the innovation effort.

Are you part of the innovation in your company?

Pricing your product right at the start

From Venture Beat

Pricing your product right is one of the most important decisions you must make.

You cannot price yourself too low, so that you lose, or price you out of the market.

l. Pricing too low means you can not recover your cost.

2.  Pricing too low cant make you raise your price later on;

3.    Pricing low may invite retaliation from the industry leaders and they can hurt you.

4.  It also makes your product a commodity and devalues your product.

Formula:

l.  Basic cost:   direct materials + labor

2.  Wholesale price:   basic cost + whole sale mark up

3.  Retail price:   wholes sale price +  retail mark up

4.  Profit =   Retail price -  cost -  overhead.

You must learn how to price your products/service right right at the start

Don't set your website up to fail by giving the geeks total control

---------- Forwarded message ----------
From: SmartBrief on Entrepreneurs <entrepreneurs@smartbrief.com>
Date: Thu, Dec 27, 2012 at 10:56 PM
Subject: Don't set your website up to fail by giving the geeks total control


SmartBrief on Entrepreneurs
December 27, 2012
http://r.smartbrief.com/resp/edsaCexkBiCfnXaoCidndhCicNZzKP


                TODAY'S HEADLINES

BOLD VENTURES
* Entrepreneur teams up to keep his small energy company afloat
LEADING THE PACK
* Leadership versus logorrhea
FINANCE & GROWTH
* 3 calculations you must make as you price your product
* Signs a prospect is really worth your time and effort
THE WHOLE ENTREPRENEUR
* 11 things to do during the slow season
* How successful people stop stress in its tracks
IDEAS FOR INNOVATORS
* Busting popular innovation myths
FORTUNE FROM FAILURE
* Don't set up your website to fail by giving the geeks total control

Follow the link below to read quick summaries of these stories and others.
http://r.smartbrief.com/resp/edsaCexkBiCfnXaoCidndhCicNZzKP

------------------------------------------------